Wills

What matters need to be addressed in my will?

Everyone’s will is different.  There are a myriad of issues that need to be considered when drafting a will – distribution of your assets, payment of your debts, the tax consequences of your estate plan, effectively dealing with assets held in trusts or companies, preservation of your property for your children, your wishes to be buried or cremated to name just a few.

Can’t I just buy a DIY will kit?

We often see the unintended consequences of a poorly completed will kit.  From incomplete wills to wills that don’t effectively deal with all assets, there are numerous things that can go wrong with a will kit.  These errors can end up costing your family members thousands of dollars upon your death if your DIY will cannot be admitted for probate or the Court’s assistance is required to interpret the DIY will.  Wills need to be tailored to each individual and expert advice is needed to ensure that it covers all necessary issues.

How often should I review my will?

You should regularly review your will every three years or in the event of a change in your circumstances.  Your will is automatically revoked in the event that you get married or divorced so you should review it if either of these occur.  A will is therefore only a three year plan.  It may still be appropriate and relevant after three years, but you should read it again to make sure.

Aren’t I too young to have a will?

You are never too young to have a will.  Although you may not know it, your superannuation is likely to have a death benefit attached to it which would result in a large amount of money (sometimes between $50,000.00 and $150,000) being available to your family in the event of your death.  Without a will, it will be more difficult than it has to be for your family to access those funds.

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