Wills

Prepare a Will – $220 (incl GST, simple will)

A Will is a legal document that sets out who will administer your Estate and helps navigate how your assets will be distributed, according to your wishes, when you die. It is important that all adults make a Will, regardless of the value of their assets.

Dying without a Will

If you do not have a valid Will, the intestacy rules under the Succession Act 2006 (NSW) determine which of your family members are entitled to your assets. This may not be what you want to happen to your assets when you die, especially if you have people that are financially dependent on you. For example, the law does not provide gifts to friends or charities and there is no provision made for pets.

Choosing an executor

An Executor administers your estate, within the terms of the Will, after you die. You may see it as a compliment to appoint a family member or friend as your executor, but the role can be demanding. Your Executor must identify all of your assets and liabilities, use your assets to pay out your debts and distribute your estate in accordance with your Will. If your Will is contested or there is conflict between the beneficiaries, then your Executor is under a duty to resolve conflict and defend the Will.

Don’t do-it-yourself

Do-it-yourself Will kits are not a good idea because anyone who is not legally qualified risks making a mistake or creating uncertainty with unclear wording. Questions about whether a Will is valid must be decided by the Supreme Court and can result in large costs and delays in administering an estate.

Keep it up-to-date

If you already have a Will think about whether it is time to update it to reflect your current circumstances. Situations where you may want to update your Will include:

buying a house
marriage
separation or divorce
birth of a child
retirement
change of beneficiary/executor

Will Safe storage

Many people store their Will at home where it can be stolen, lost or damaged. If a Will cannot be located when required, it could cost the estate thousands of dollars. There is also a serious risk that your assets will not be distributed as you would have intended because the court may decide that you did not have a valid Will.

Mathey Solicitors offer a secure place to store your Will, Power of Attorney and Enduring Guardianship documents and they are easy to access when needed.

Also see our Estate Planning Package page for a great rate on your document preparation.

Wills

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