Making a Will is one of the most important actions you’ll take in life.
All adults should have a professionally prepared Will to ensure that your wishes for the distribution of your assets after your death are clear and legally enforceable, so that your loved ones are taken care of.
A Will is a legal document that takes effect upon your death and identifies who will manage your estate (the executor) and who will benefit from your assets (the beneficiaries).
If you don’t have a Will, the administration of your estate can be complicated and expensive; not to mention emotional for those left to manage the process.
When should you consider reviewing or renewing your Will?
As your personal circumstances change, you should consider reviewing your Will.
The birth of children or grandchildren, the purchase or sale of real estate, the death of a beneficiary or executor … these are all times of significant change, when you should have your Will reviewed by an experienced Wills and Estate lawyer. Getting married, becoming separated or getting a divorce may trigger legal consequences that are relevant to your estate planning, so you should also seek legal advice as soon as possible in these circumstances.
What happens if I die without a Will?
If you die without a valid or complete Will, there are laws that set out who will benefit from the estate, known as the rules of intestacy. This can potentially be costly and your belongings will not necessarily go to the people that you would like.
What else should I consider when making my Will?
Whilst you are engaging a Wills and Estates lawyer to make your Will you should also consider making an Enduring Power of Attorney and an Advance Care Directive.
An e Enduring Power of Attorney is a legal document which allows you to appoint a person(s) of your choice to manage your assets and financial affairs if you are unable to do so due to incapacity – for example, if you have experienced a serious illness or accident.
An Advance Care Directive is a legal document that allows you to specify your wishes in writing regarding your future health care and living arrangements in the event that you suffer serious illness or incapacity and you are not able to make such decisions yourself. In the Advance Care Directive, you can also nominate a person or persons that you wish to make decisions on your behalf about those issues if you are incapacitated.
Andersons Wills & Estate Planning Team
Andersons has an award-winning team of Wills and Estates Lawyers who are experienced in all aspects of Wills and Estate planning including more complex Wills incorporating:
- testamentary trusts
- protective trusts for incapacitated beneficiaries
- guardianship clauses
- maintenance of minor children and provision for the children of prior marriages or relationships.
Our team can help you to prepare all of the necessary formal requirements of your Will as well as assisting you to choose executors and advise on more complex Wills.
All circumstances are different so it’s important to get expert legal advice that is relevant to you.
