A will is a legal document that sets out your wishes as to what is to be done with your assets after your death.

An unambiguous, correctly drafted and current will that clearly states your wishes is the best possible way to ensure that your assets are dealt with in accordance with your wishes upon your death.

It is a common misconception that if you die without leaving a will, the government will take control of your assets. This is partially true, if you die without leaving a will your assets will be distributed in accordance with a legal formula and it is possible that the government may end up with some your assets but rarely will they take all of your asset, although it can happen if you don’t leave a valid will and you have no relatives who come under the intestacy scheme.

A Lawyer can assist you in drafting a Will that is clear-cut, legally valid and in accordance with your instructions, giving you the best possible chance that your wishes will be followed upon your death.

Quick Tips

1. To be valid, a will must comply with many legal requirements including;

(i) The will must be in writing;

(ii) The person making the will must be at least 18 years old (exceptions apply); and

(iii) The will must be signed by the person making the will and witnessed by two people (it is important that beneficiaries of a will or their spouses do not witness the will as this may cancel their entitlement).

There are other requirements that you must take into consideration to ensure your will is clear-cut and correctly drafted.

2. Although do it yourself wills are available and can be purchased relatively cheaply, they are not recommended. Will drafting requires specialised knowledge and an ambiguous, incorrectly drafted or invalid do it yourself will could cost your beneficiaries tens of thousands of dollars in legal expense having courts clarify the intentions of your will thus reducing any benefit to your beneficiaries. Worse still, some or all beneficiaries may miss out altogether because of mistakes in the will. It will cost you a little bit more to have Prime Lawyers draft your will compared to a do it yourself kit, however it may save your beneficiaries a lot distress and money in the long run.

3. Dying intestate (without leaving a will) may cause unnecessary heartache and hardship on your family. Without a will it is very difficult and costly to determine what you intended to be done with your assets therefore they will be distributed in accordance with the legal formula, which may not be as you intended. In this case the government appoints a trustee to distribute your assets and there are quite hefty costs associated with that appointment.

4. It is also important to keep your will current. You should update your will with changes in your life, assets and beneficiaries. For example you may get married (special wills need to be drawn if you are contemplating marriage), get divorced, your assets base changes and/or beneficiaries change. There have been many examples of lengthy and costly court cases where the beneficiaries argue as to the proportion of the benefit they are entitled to.

Author Bio: Elizabeth Lane has many years experience working with the Family Lawyers Wollongong Prime Lawyers Wollongong.

Category: Legal
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