Making a Will
Making a Will is one of the most important decisions you’ll make in life.
All adults should have a professionally prepared Will to ensure that your wishes about what happens to your belongings are known and that your loved ones are looked after when you pass away.
A Will is a legal document that takes effect upon your death and identifies who will manage your estate (the executor) and who should 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 are times when you should have your Will reviewed by an experienced Wills and Estate lawyer. Getting married, becoming separated or getting a divorce trigger other legal consequences that are relevant to your estate planning. You should 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, the law deems that you have died intestate and the Supreme court will appoint an administrator to manage your estate. This can potentially be costly and your belongings will not necessarily go to the people that you would like. The administrator will be obliged to distribute the estate according to South Australian intestacy laws. Find out more about estate-planning here.
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 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 such as illness or an accident or in your absence.
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 nominate a person or persons that you wish to make decisions on your behalf 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.