A Will to express your wishes (after you are gone)
(Written by Sandra Gully)
A Will is a formal legal document which directs the management of your estate (or pool of assets) – after your death. Simply, your Will is your statement of instructions, to make provisions or distribute assets in the way you direct, and for peace of mind which can potentially minimise disputes and preserve relationships.
A Will is a written document signed by you and your signature is witnessed. Seeking legal advice is highly recommended to make sure your Will is valid in accordance with the Succession Act (NSW) (even if your assets/affairs are simple) and that it correctly reflects your intentions.
In NSW, factors to consider include:
· That you have legal capacity (which may require a doctor’s letter to state you do have capacity):
- to know and understand the effect of your decisions, and
- that you can make a will freely.
· The nature of your assets (NSW or other jurisdictions)
· Your age – you need to be 18 years or older (there are some exceptions)
· Who you appoint as executor/ legal representative to carry out your wishes;
- someone who is trustworthy, organised (can be more than one person, or provide for substitutes).
· Who is to receive a benefit – who may potentially have a moral claim on your estate, limit a gift/provision, or strategy for potential claims, special beneficiary circumstances (age, higher level of need, disability or other vulnerability, prior conduct), and tax planning issues.
· special gifts–sentimental items, legacies or gifts to charities.
· Superannuation or life insurance (not often part of your Estate for Probate) as financial resources in planning for a beneficiary not otherwise provided for (like children of another relationship).
· Guardians of minor children (under 18), including providing for their cost of living.
No Will, so what?
Your assets may become subject to the rules of intestacy, and require an application to a Court to appoint an administrator to manage and distribute your Estate:
- This can be a little slower,
- a burden on family, including navigating disputes if your Estate is more complicated, and
- your Estate may be distributed in ways other than would be your preference.
While this is not intended to be a comprehensive list - we recommend you review your Will provisions periodically (including after significant ‘life events’) to ensure it considers your assets, financial interests and personal connections or relationships.
Our friendly Wills team are available to help guide you through the process of preparing a Will and can discuss your specific requirements in greater detail.
NOTICE: This article is accurate as at the time of publication and does not constitute legal advice.