Wills & Estates

Wills & Estates

What is a Will?

A Will is a special written legal document that attracts a special format in order to remove any ambiguity and ensure that your wishes are carried out after death. Essentially it facilitates control over who will receive your assets and belongings after you die as well as who will supervise the distribution and management of your estate. It also allows you to stipulate a guardian for your children.
Should I make a Will?

Anyone over 18 years of age should have a Will. It is the only way you can ensure that your dependants are taken care of and that your assets are passed on to those who you nominate. Even if you do not have many assets a Will is important. If you were to die and did not have a Will, your assets would be divided up in accordance with the intestacy rules which, will not take into account your wishes or the particular situation. However, contrary to popular belief, your assets will not be given to the government unless a next of kin is not contactable or cannot be located.
How do I make a Will?

A Will must be a written document containing at least one person as a beneficiary, the person to whom your assets are bequeathed. A Will should also stipulate at least one person to act as the executor to oversee financial matters, oversee the distribution of the estate and address any other matters that may arise.

The Will should be clear and concise. It must be witnessed by at least 2 persons over the age of 18, who are not beneficiaries or the spouses of beneficiaries. The executor, if not a beneficiary, is able to witness the signing of a Will. The Will must be signed in the presence of both witnesses and the person declaring the Will, known legally as the testator. Wills Advice of course, will be able to ensure that these requirements are met.
What does a Will Include?

The contents of your Will can specify what you would like done with your assets, everything from houses to shares, and even cash. You may also bequeath items of special value such as a painting, as well as stipulating the rights and powers of others.

Debts however, are not absolved when you die and your estate can be liable for any debts. It is important that you stipulate a plan in your Will for the settlement of any debts, Wills Advice are able to assist you in this regard to ensure that your requirements are fulfilled.

Any superannuation you are entitled to is not included in your Will as you would have specified the beneficiary of your superannuation, when you created your superannuation fund.