Wills

Our experienced estate planning team can help you prepare a Will and an effective estate plan tailored to your personal, financial, and family circumstances.

Preparing a Will

An effective estate plan typically starts with preparing a Will that provides clarity for your family and loved ones and makes the most of your hard-earned assets. Your Will should appoint one or more executors who will have the role of administering your estate. You will need to include directions on how your assets should be divided between your beneficiaries. You may also appoint guardians for minor children and provide directions for funeral arrangements.

Some of the matters to consider, as relevant, when making your Will include:

Who you trust to manage your affairs after you die
How you would like your assets distributed considering the value and type of assets you hold, and any specific gifts you wish to make
Whether you would like to leave a gift to a charity
Provisions for minor children and who might be a suitable guardian if you were to die before the children were old enough to look after themselves
The appointment of a suitable trustee to manage assets held in trust for your children until they are adults
Whether you have a blended family and the need to consider children from previous and current relationships
The status of your current relationship (spouse or de facto partner)
Whether you wish to exclude certain individuals who may be eligible to make a claim on your estate
Whether there are circumstances that might otherwise lead to a dispute regarding your estate

Choosing your executor

Your executor will be your legal representative when you die and will have various responsibilities. These typically include arranging your funeral, identifying and protecting your assets, collecting and paying outstanding debts, claiming superannuation and insurance benefits, obtaining probate if necessary, and distributing your assets according to your Will.

If the Will is disputed, your executor will need to deal with the dispute.

It is common to appoint one or more trusted family members or friends as your executor/s however this may not always suit your particular circumstances and it may be more appropriate to appoint an impartial executor such as a lawyer or other professional. When choosing an executor, you should consider whether that person is:

willing to accept the role of executor
capable of managing your estate in terms of their own health and capacity
suitable to manage your estate in terms of having sufficient time, experience, and the confidence to deal with your affairs in the manner you would like
able to act impartially, which is particularly important if you foresee potential disputes over your estate
likely to outlive you

You can consider appointing a second alternate executor as a backup in case your first choice is unable to act in the role. Alternatively, appointing joint executors to fulfil the role may be a more suitable option.

The benefits of using a lawyer to prepare your Will

For a Will to be valid and to minimise the potential for somebody to contest the Will after you die, it must meet certain legal formalities. The Will should be correctly signed and witnessed and have clear and unambiguous provisions, so those you leave behind know exactly how you want your estate dealt with.

Involving a lawyer to prepare your Will not only ensures that these formalities are met but can help structure and maximise your estate to achieve its full potential. We will consider your individual circumstances, financial position, your superannuation and how your beneficiaries might be taxed on their inheritance. We will also consider your family structure and take steps, if necessary, to minimise the potential for disputes to arise after you die.

When should you review your Will?

Major events and changes to your personal or financial situation might mean you need to consider reviewing and updating your Will. These include:

the birth of a child
separation or divorce
commencing a new domestic relationship
the passing of a beneficiary or executor named in your Will
selling or purchasing major assets including real estate
starting or investing in a business venture
receiving an inheritance
a change in your health circumstances

Estate planning and your business

If you have business interests, it is important to consider these when planning your estate. There are steps you can take to protect assets and to structure your affairs to safeguard property for future generations. Without clear processes to deal with unexpected or inevitable events in your business such as illness, retirement, or death, the value of your share of the business may be in jeopardy as well as its ongoing operations.

It is never too soon to think about making a Will and preparing an effective estate plan. Even if you have modest assets and a simple family structure, it is important to protect these and provide clarity regarding your wishes for those you leave behind.

If you need assistance, contact [email protected] or call 03 9546 8155 for expert legal advice.