Deciding what will happen to your estate when you are no longer around is something many people would prefer not to think about. However, if you do not plan for the future, your loved ones may not benefit from your wealth and assets.
Making a Will and putting your plans for the distribution of your estate in a legal binding document, means security for your family.
A Will is a legal document that sets out your intentions for the way your assets should be divided when you die. This includes anything in your possession, from property and savings in the bank, to a car, jewellery or furniture. Your Will should clearly name the people who are to benefit from your assets, such as your spouse, children, grandchildren and siblings. You will need to appoint an Executor, who is the person responsible for ensuring that your assets are distributed according to your instructions.
It is very important that your Will be signed and witnessed, and that it be worded correctly. If not, there is room for misinterpretation, which can lead to disputes between members of your family. For this reason, getting legal advice is advisable, rather than drawing up your Will by way of a Will Kit.
Without a Will, the government will decide how your assets are to be distributed, according to current intestacy laws in your state. As of March 2010, the law in NSW has changed, with the result that children no longer automatically inherit in the absence of a Will. In other words, it is not safe to assume that those you love will receive part of your estate, unless you have a Will.
Our lawyers can guide you through the complex process of making a Will, and advise you on the best way to word your intentions so that they are clear and your Will is unlikely to be challenged.
We can also assist you with the following areas:
- Disputed Wills
- Wealth protection planning