A Will is your written directions as to how you would like your property dealt with after you pass away. A Will appoints one or more people to be in charge of the administration of your property (the Executors) and directs who should receive certain items of your property (the Beneficiaries). Your Will can also contain directions regarding the guardianship of your children and any funeral wishes you may have.
Anyone can make a Will provided that they are 18 years or older and are of sound mind. Persons under 18 can make a Will if they are or have been married, in a civil union, or de facto relationship.
You should make your Will now! Life is constantly changing and you can change your Will as often as you wish to suit your current circumstances. Even if you already have a Will, it should be reviewed every few years to ensure it still meets your wishes in the event that something disastrous was to happen to you.
This is known as dying “intestate”. In the event that you die intestate your assets will be divided in accordance with the Administration Act 1969. Depending on your family circumstances this will generally mean that your assets will be split between your spouse/partner and your children. This could lead to your spouse/partner having to refinance your property as they will have to pay a proportion to your children. It can also lead to claims against your Estate if you have a blended family. The only way to ensure that your wishes will be met is to create a valid Will recording these.
Simply call us today and Nicole or Michael will talk you though the steps to creating your new Will. Have any further questions – let us know!
