When it comes to Wills, people generally assume two things - firstly, you need a lot of assets to warrant making one. Secondly, when you die your assets and estate automatically passes to your partner and/or family. Neither of these assumptions are necessarily true.
If you want certain things to happen with your assets after you die, or if you have young children, you should make a Will.
If you don't have a Will:
- Someone will have to apply to the High Court to appoint an administrator to deal with your property. This might not be the person you envisaged.
- Your assets will be distributed in accordance with the Administration Act - you have no say in "who gets what."
Do I need a lawyer?
Completing a Will is more than filling out a form. Your lawyer can dive deeper and provide bespoke advice and solutions based on your situation. We can step you through how the Will as written will translate into practice so you can decide whether it really meets your needs. When the time comes to implement the Will, we are available to help your loved ones work through the process.
What do I need to include in my Will?
The starting points for you to consider are:
- Who do you want to be in charge of implementing the Will (Executor)?
- Do you have any specific gifts that you want to make (eg, chattels or monetary gifts to friends or charities)?
- Who would you like the rest of your estate to go to?
- If you have children or dependants, who you would like to appoint as their guardian upon your death?
Once you have your Will, it's important to review it every few years, or if your circumstances change (eg, you have a child or buy a property). This will ensure your Will keeps pace with your wishes throughout your lifetime.
While we like to think that time is on our side to get our affairs in order, life has a habit of being somewhat unpredictable. Having an up-to-date and watertight Will ensures clarity for the people left behind and is the best way to see your wishes are followed through.
How do I make a Will?
Contact the team at Wynn Williams to discuss your situation. An initial telephone call with a lawyer may be the smartest thing you ever do.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
