WILLS

It is important for every adult to consider the legal consequences of death. In the event of your death, who will take care of your family? Who will raise your children? How will your property and assets be distributed? You may wish to leave an inheritance for your spouse, de facto partner, children, siblings, or charity. A Will is a binding legal document that you make during your lifetime that takes effect upon your death. It allows you to control how your money, property and assets (called your ‘estate’) are distributed after you die. It is an essential part of your estate plan.

HOW DOES A WILL WORK?

In your Will, you appoint somebody you trust (called an ‘executor’) to be responsible for the distribution of your estate. The executor is legally bound to distribute your estate as you prescribe in your Will. You may also use your Will to determine who will become the legal guardian of your minor children. 

DOES A WILL SET UP TESTAMENTARY TRUSTS?

When it comes to Wills, there is no ‘one size fits all’ approach. At The Estate Planning Centre, we work with you to tailor your comprehensive will to reflect your wishes and the unique circumstances of your family. 

We might recommend that you make a ‘Will incorporating Testamentary Trusts’. This type of Will directs your estate assets into a trust, meaning that you choose a third-party (‘trustee’) to hold your assets on behalf of the person(s) you wish to benefit (‘beneficiary’). Wills incorporating Testamentary Trusts have tax-saving benefits, are more accommodating of blended families, and can protect beneficiaries who are minors, irresponsible with money, work in high-risk professions (like the director of a business), or who are going through a divorce. 

Alternatively, if your assets and family structure are not complex, a ‘Simple Will’ or ‘I Love You Will’ may be more appropriate. This type of Will allows your loved ones to inherit your assets directly, rather than through a trust. 

WHAT HAPPENS IF YOU DIE WITHOUT A WILL?

Our experience working in estate litigation as wills and estate lawyers has taught us that it is vital for all adults to have a Will. If you die without a Will, then you die ‘intestate’, meaning that your estate will be distributed according to legal rules rather than your personal wishes. These rules may apply to exclude somebody you love from inheriting from your estate, or alternatively, to give a portion of your estate to somebody who you would not want to benefit. Dying without a valid Will also requires your loved ones to go through a legal process with the Supreme Court, and can leave your estate more vulnerable to a legal dispute. 

WHAT IF I ALREADY HAVE A WILL?

Even if you have made a Will in Australia, it does not necessarily mean that you have a valid Will. There are a number of circumstances that can affect the validity of your Will, for example, marriage or divorce. At The Estate Planning Centre, we offer a complimentary three-yearly review of your Will and estate plan to ensure it remains valid, and our succession planning lawyers will help you make adjustments if it no longer suits you and your family. 

HOW DO I MAKE A WILL?

If you would like to make a Will, or discuss your estate planning needs with a lawyer specialising in Wills and testamentary trusts, we’d love to help. You can book a complimentary meeting using the link below. Our pricing is fixed fee; the sum of your estate assets will not affect how much it costs to make a Will. It would be a pleasure and privilege for our estate planning lawyers to assist you to create a personalised and valid Estate Plan.