You spend the majority of your life accumulating assets. Making a Will is a crucial step in ensuring that your possessions are distributed to the persons you select.
A Will is a legal document that specifies the persons you choose to inherit your property and assets at the time of your death and appoints your personal legal representative (your “Executor”).
This comprehensive guide answers some of the most often asked questions regarding writing a Will, but remember that your lawyer is available to answer any additional questions or provide advice as needed.
WHAT HAPPENS IF YOU PASS AWAY WITHOUT LEAVING A WILL?
If you die without a valid Will (known as dying “Intestate”), your estate will be divided according to a government-established formula (known as the “Law of Intestacy”). In all likelihood, the Law of Intestacy will not reflect your wishes, especially if your circumstances are peculiar.
If you have had multiple relationships or if you have a family with tiny children, the Law of Intestacy will almost certainly result in an unfavourable outcome. Intestacy legal procedures are more complicated and time-consuming than if you have a Will and the scenario may cost your family and friends money, cause stress, and cause hardship.
Of course, seeing one of our lawyers make a legitimate Will might save you money and time.
If you die without a valid Will and have no close family, your fortune may go to the state government.
WHEN IS THE BEST TIME TO MAKE A WILL OR REVISE ONE THAT ALREADY EXISTS?
Every adult over the age of eighteen should make a will. Making a Will, or updating an existing Will, is especially crucial if
- You’ve welcomed a new child or children into your family;
- You’re in a de-facto relationship with someone;
- You divorce or remarry after the date of your will (marriage invalidates the original Will);
- The rest of your family’s circumstances alter;
- Your executor dies or becomes unsuitable to act in the role due to a change in your relationship, age,
- If you have more than one executor, and those executors are fighting or have a strained relationship;
- A beneficiary passes away; your children have reached the age of majority, and you want them to be your executors.
IS IT POSSIBLE FOR ME TO MAKE A WILL AT HOME?
If you like, you can write your own Will. A Will, on the other hand, is a highly essential legal document, and drafting one yourself is not in your best interests if you want to make things as simple as possible for your beneficiaries.
To guarantee that a Will is correctly signed, there are a few guidelines to follow. If one of these regulations is broken, it may cause issues with your estate’s administration.
There are a few technical rules that govern the phrasing of Wills. If you are unfamiliar with these principles, it is possible that your Will be construed differently than you intended.
A person’s Will is frequently prepared without expert advice, resulting in lengthy delays and legal disputes. If there are difficulties with your Will, the money you save by preparing it at home can add up to tens of thousands of dollars in charges to your estate.
WHAT ARE THE MOST COMMON ITEMS COVERED IN A WILL?
your home and/or investment assets (whether or not an asset will pass under the terms of your Will depends on whether you own it as “joint tenants” or “tenants in common” if you own a house or land with another person).
- private and public company shares;
- private company loan accounts;
- money in savings accounts and term deposits;
- other investments such as bonds and trusts;
- Employer-provided funds and payouts; and
- Jewelry, furniture, appliances, antiquities, automobiles, apparel, and artworks are just a few examples.
WHAT OBJECTS MAY BE EXCLUDED FROM YOUR WILL?
There are a variety of assets that you might believe you ‘own,’ but which are unlikely to be covered by your Will. Consider the following scenario:
- superannuation;
- insurance policies;
- property held as joint tenants; and,
- your family business.
Many family businesses are run through corporations, family trusts, or partnerships, and it’s vital to remember that the business itself cannot be passed down through the generations. Your interest in the firm, trust, or partnership is the sole asset that can be directly passed on by a Will.
Your lawyer can advise you on the best way to ensure that your succession plans are carried out and that these issues are effectively addressed.
HOW CAN GREENSHOOTS BE OF USE TO YOU?
Greenshoots can make the process of writing a will more easier. We will make certain that we thoroughly comprehend your requirements so that we can make your Will as clear as possible.
The benefits of using Greenshoots
- We may examine your estate in depth and discuss how you want to divide it, ensuring that you are aware of the repercussions of your decisions.
- We can collaborate with your professional financial or tax consultants as needed.
- You will always receive efficient, dependable, and timely service, as well as clear English explanations and recommendations.
- We may evaluate your Will and estate plan at any point in your life to ensure that you, your family, and your friends are protected.
- We can provide general advice on writing a Will to address special circumstances such as providing for a disabled beneficiary, establishing trusts in your Will, managing your business after your death, or structuring your Will to provide tax minimization and asset protection benefits to your beneficiaries.
- The business can keep your Will in our safe care.
WHAT SHOULD YOU THINK ABOUT BEFORE BOOKING AN APPOINTMENT WITH A LAWYER?
Please consider the following before going to a lawyer to write a Will:
Who will you appoint as your executor?
Would you prefer to name more than one executor or an alternate executor in case your first pick is unwilling or unable to serve as your executor?
Who will be the beneficiaries of your Will, and how much will they receive?
Make a list of all of your significant assets and liabilities.
Is there anyone who is likely to be offended by your Will or who will oppose it? If this is the case, be sure to bring it up with your lawyer.
