It is important to plan for your family’s future after you are gone. Wills provide certainty by ensuring that your estate is distributed according to your wishes and that your loved ones are looked after. In doing so, Wills help reduce the inevitable stress for your family during such a difficult time.
Although Wills can be contested, having a legally binding Will minimises this risk.
If you do not have a Will or the circumstances of your Estate have changed, contact us to arrange a consultation.
We provide additional estate planning services including:
- Probate
- Power of Attorney
- Enduring Guardianship
Frequently asked questions
What happens if I don’t have a Will?
If you do not have a Will, no one will know how you wanted your Estate to be distributed or who you wanted to be your executor and beneficiaries. Your Estate will therefore be distributed according to a pre-determined formula that that may not coincide with your wishes. Furthermore, if you have no surviving relatives closer than cousins, your Estate will go to the State Government. It is therefore important to set out your wishes in the form of a legally binding Will.
Can I prepare my Will myself?
We do not recommend preparing your own Will. For a Will to be valid, it must conform to strict legal requirements in regard to drafting and signing. Precise wording is important to avoid ambiguity. An invalid or imprecise Will can result in unnecessary stress and costs for your family. It is therefore advisable to engage a solicitor to prepare your Will.
When should I update my Will?
You should regularly review your Will to ensure that it continues to reflect your wishes. Situations in which you may want to update your Will include:
- Marriage
- Separation or divorce
- Having children or grandchildren
- Your named executor is no longer able to act
- Death of a beneficiary
- The value of your assets has significantly increased or decreased
I have been named as the executor in the Will of a deceased person, what do I do next?
To be able to administer the deceased estate, you will need to apply to the Court for Probate. We can assist you in preparing and filing the Probate application. Once the Probate is granted by the Court, you will then be able to administer the Estate.
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you to appoint another person to look after and do things with your money, bank accounts, shares and other assets. It is useful for when you cannot look after your own finances, as your nominated Attorney can act on your behalf in relation to your financial and legal matters. You may need a Power of Attorney if, for example, you become ill, are confined to a hospital or go overseas. It is important that the Power of Attorney is made before you actually need it, as you cannot make a Power of Attorney after you have lost mental capacity.
Types of Powers of Attorney
There are two types of Powers of Attorney, being an Enduring Power of Attorney and a General Power of Attorney. A General Power of Attorney is useful for a more short term appointment or a specific matter and terminates once you lose mental capacity, whereas an Enduring Power of Attorney continues to operate after you lose mental capacity.
What is an Enduring Guardianship?
An Enduring Guardianship allows someone else to make lifestyle and medical decisions on your behalf and continues to operate after you lose mental capacity.