60 percent of Australians do not have a valid Will. We can help you to prepare a Will so that your estate will go to the people you want to provide for when you pass away.
Your last Will and Testament is an important document. It contains your instructions on what is to happen with all of your property including real estate and personal property after your death. It is also your opportunity to express your wishes on matters that may affect your family should you pass away.
The preparation of a Will requires the consideration of several key issues, including:
- Who do you need to provide for?
- How will your estate be divided?
- Who would you like to be responsible for your children?
- Who do you want to appoint as the executor of your Will?
An executor is the person who will be responsible for carrying out the instructions you have put in your Will. Your executor is also responsible for ensuring that any debts owed by you are paid after you die and before your property is distributed.
The 3 key areas in wills + estates
“Estate” is the term used to describe all of the assets you own or have an interest in at the time of your death. Administering an estate involves collecting in the assets, paying the debts and distributing the assets in accordance with the Will.
“Intestacy” occurs when someone dies without a Will. Their estate is divided between their relatives according to the law, not their instructions. This may not suit you because it may result in your estate going to relatives who you do not want or do not need to provide for.
Spouses, de facto partners, children, grandchildren or step-children, may in certain circumstances be able to dispute the distribution of your estate if they feel that you have not adequately provided for their needs in your Will. This means that your estate may not be divided as you wish it to be, and that it is important to have a Will that minimises the risk of such a dispute occurring.