City First Solicitors

Wills: 

What is a Will? A Will is a legally biding document which outlines the desires of distribution of assets following your death. This may include:

·           Estates

·           Money

·           Possessions etc.

What happens if I die without a Will? If you die without a Will, your assets with be divided accordingly by the Government. Dying intestate (without a Will) may have the following effects:

    *Your assets may not be divided according to your wishes.
    *Your children and other minors in your care may not receive the financial and other assistance you would have desired
    *Your de-facto partner, stepchildren, friends and favourite charities may not be considered.
    *Your Estate maybe administered by someone you disapprove of. The making of a Will ensures that your assets pass to the people of your choice. The rules in the legislation do not take into account that you may have a special person or other friends or even charities that you wish to benefit.

Who should I appoint as my Executor? The Executor should be someone you know and trust,  as the Executor is responsible for administering the estate. The Executor may also be a recipient (beneficiary).

How often should my Will be revised or updated? It is recommended that your will is updated every 3-5 years or when you wish to change the distribution of your assets or when there is a change of circumstances.

These circumstances include:

    *Separation or divorce
    * Starting / ending a de-facto relationship
    *Death of husband or wife
    *Having children or grandchildren
    *The Executor named in the Will is no longer alive or he/she is unable to handle the responsibility
    *Marriage (Getting married may revoke all prior Wills, unless they were made ‘in expectancy of marriage’)
    *One of the recipients named in the Will may have died or you may no longer wish to nominate them

 If I get married does that affect my Will? Yes, marriage has a significant impact on your will as yours may be automatically cancelled. It is advised that upon marriage you should be making a new Will. See above re. ‘expectancy of marriage’; this clause in the Will must be very specific.  Your lawyer will give you more advise about this.

 What happens if I Divorce? Depending on which state you are in, your Will may either be cancelled or altered .It is advised that you should make a new Will.

Does Superannuation form part of my estate? With most Superannuation funds you can appoint a recipient who will be paid directly by the trustees of the fund.

What are "mirror/mutual” wills? A mirrored or mutual will is when a couple leaves their assets to each other. However, should the one partner would not survive the other by more than 30 days, then the estate automatically goes to the children or such other beneficiaries as may be directed.

What are the requirements for a document to be a valid Will? The requirements of a valid Will are:

1.     The Will must be in writing,

2.     You must be over 18 years old and of sound mind (The Supreme Court can approve a Will for people under 18 depending on their circumstances),

3.     The Will must be signed and dated,

4.     The Will must be witnessed by 2 witnesses over the age of 18 that are not recipients or family members of beneficiaries

5.     The Will must give away your assets.

Do I really need a Lawyer? Can’t I do it on my own? Yes, it is possible to write your own Will without the assistance of a lawyer. Although there are no legal requirements for a Will to be drafted by a lawyer, there are many disadvantages to this choice such as errors or misunderstandings. Even minor mistakes in a Will may cause difficulty for family and friends after your death.