Do you have a Will or is your Will up-to-date? If not, then let us you updating or creating your Will. We aim to keep our fees low in order to encourage everyone to update or have a current Will.
Should you require a Power of Attorney and Enduring Power of Attorney, we can also assist with those.
Do you have a Will or is your Will up-to-date? You should not take the importance of a Will too lightly. It is the only method you have to control who gets your property upon your death. That is why it is important to have a current valid Will. If you die without leaving a Will the rules of Intestacy apply meaning your property is distributed to your closest relatives. Therefore, some relatives whom you may not want to get your property could get it and in some circumstances, your property could go to the Government.
Why should you have a Will if you only have a few assets? Simple, because you never know when your circumstances may change eg you may receive an inheritance or win lotto. When making your Will you can give any property you own at the time of your death such as land, houses, jewellery, cars and money to your beneficiaries (except property you hold as trustee).
What if you have a spouse, child/ren or dependents? Then you need to make sure you make provisions in your Will to support them. Also, if you have children under 18yrs you should have a guardian provision outlining who you want to care for your children upon your death, what school they attend and the like.
What happens if you get married or divorced? Marriage revokes a Will unless you make the Will in contemplation of marriage to your spouse, while divorce revokes those parts of the Will that relate specifically to the ex-spouse. However, it is always a good idea to do a new Will following divorce to avoid any confusion and disputes down the track.
Whom should you appoint as your Executor? When selecting your Executor ensure you choose someone you trust as this person is responsible for winding up your affairs and distributing your property to your beneficiaries. You can appoint a professional company or the Public Trustee as your Executor however; these bodies may charge fees or commissions to administer the estate. This may result in little or none of your property being available for distribution to your beneficiaries.
Why should you not prepare your own Will? Preparing your own Will is fraught with danger because if the terms of your Will are not clear and there is confusion about what you want done with your property it could end up in Court. Home made or Will Kits are a main source of litigation of Wills in the Supreme Court. Further, if you make an informal Will numerous legal issues can arise and again it can end up in Court. It is therefore important to ensure you have a valid formal Will.
Disclaimer: The information provided in this article is for general information only. The author is not responsible nor accepts responsibility for any errors or omissions. It is not legal advice or intended to be legal advice. Should you have a legal problem or need legal advice, please consult a lawyer before taking action.
