Wills + Estates
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. Don’t leave your will to chance, and trust an experienced estate lawyer such as KLD Legal to assist.
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?
The 3 key areas in wills + estates
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
“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.
Disputed estates
Spouses, de facto partners, children, grandchildren or step-children, may in certain circumstances be able to dispute the distribution of your estate by challenging a will, 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. The team at KLD legal can assist should you need to contest a will.
Frequently Asked Questions
A will is a legal document designed to outline how your assets should be distributed should you die. Through a will, you can appoint an executor to handle your estate.
While you aren’t required to have a will, having one ensures that all of your assets are passed on to whoever you want them to go to and helps avoid any potential disputes. If you pass away without a will, your assets will be distributed according to intestacy law, which may not align with your wishes.
All property and possessions owned by a person, whether solely or with one or more other persons, at the date of their death.
Technically, no, but it is highly advisable because a will that has not been prepared by a solicitor is much more likely not to be valid. Consequently, the estate may not be distributed as the will intended it to be. Also, the cost and time involved may ultimately be far greater than the cost of a properly drafted will. The cost of getting a will prepared by a lawyer is modest in comparison to the value of the will maker’s estate, and the peace of mind for the will maker is beyond monetary value.
It is recommended to update your will every few years, or whenever significant changes happen in your life, such as marriage, divorce, the death of a beneficiary, the birth of a child, or a change in acquired assets.
