Why do I need a Will?
Everybody over the age of 18 should have a valid Will.
Most people are aware of the need to organise their affairs so that, in the event of their death, their estate will be distributed according to their wishes. The best way of ensuring this is to have a legal Will. However, many people do not "get around" to having this important document drafted.
Should a person die without having made a valid Will, that person is said to have died "intestate". Such a person's estate is then distributed according to the rules of intestacy. This often means that the distributions frequently do not accord with what the person would have wished. The desirability of being able to specify the manner in which your estate is distributed needs no emphasis.
We can assist in the drafting and preparation of your Will and can provide advice in regard to estate planning. Most people will not require any more than a simple document to express their wishes, however, more complex documents can be drafted to accommodate people with large or complex estates including Testamentary Trusts.
When should I update my will?
Certain events may operate to affect the validity of the Will. For example, marriage and divorce will revoke the Will.
It is important to ensure that as your life and personal circumstances change, that you take steps to amend your Will to reflect those changes. This is extremely important given that in society today we have large numbers of blended families and many people have family trusts and self managed superannuation funds all of which must be properly dealt with in the terms of your Will.
What information do I need to give to my Solicitor to draft my Will?
The name of the Executors of your Will
The Executors are the people who will take over your affairs and administer your Estate in accordance with the terms of your Will.
You should also provide the following information:-
· Full names of all beneficiaries (people who will receive something under the terms of your Will);
· A full list of your assets and liabilities;
· What you wish each beneficiary to receive;
· Who do you wish to be the guardians of your infant children;
· Do you have any special requirements with respect to your funeral;
· Do you have any items of jewellery, furniture or other belongings which have sentimental or family importance
and who is to receive those items