Will Kit: More Information & FAQs
Who needs to have a Will?
Almost every adult Australian should have a Will. But amazingly over 55% of Australianadults do not have a Will. Even more amazingly, approximately 45% of Australians diewithout a Will – in legal terminology this is called dying ‘intestate’.Most Wills are very straightforward to prepare. So don't get caught out – prepare a Will.Here are some stages-in-life when you should consider making or amending your Will:
Just married or re-married (marriage revokes any previous Will)
Moving in together or entering into a defacto (i.e. long term) relationship
Getting separated or divorced (divorce does not automatically revoke a Will)
Buying a house/apartment/land or other significant asset
Buying or starting a business, and
Turning 18 years old
Why would I
There are several important reasons why you may need a Will:
To protect your assets (your ‘Estate’)
To provide for the future of your family and loved ones
To decide who will receive your assets (your ‘Beneficiaries’)
To appoint someone to look after and distribute your assets (your ‘Executor’)
To reduce the fees and taxes which result from dying without a Will (or ‘Intestate’)
To reduce the costs and stress to your family members of dying without a Will, and
Without a Will, legislation determines how your assets are distributed
When do I need to amend my Will?
You should amend your Will when there is a significant change in your circumstances. Forexample, getting married or buying a house. However, there are also 2 important timeswhen you may need to amend your will:
A person named in your Will dies or becomes incapacitated, or
You change your mind about one of the Beneficiaries of your Will
Who may make a Will?
There are 3 commonsense criteria you must satisfy before making a Will. You must be:
Over the age of 18 years (or have an enabling court order)
Of ‘sound mind’ and competent enough to make decisions about your assets, and
Not under ‘undue influence’ or ‘coerced’ in any way while making your WillChances are, if you satisfy the above criteria when making a Will, your wishes will not haveany trouble being upheld in Australian Courts.
What happens if I die without a Will?
In legal terminology, dying without a valid Will in place is called dying ‘intestate’. The legalprocedures for dealing with your assets become more complicated, time-consuming andcostly – and may cause more distress and hardship to your family.If you die without a Will, the law will decide how your assets are divided and who willdistribute the assets (called ‘the Adminstrator’). The legislation governing estates of persons who die without a Will may not match what you want to happen to your assets –meaning your assets are distributed against your wishes.
Will Kit Form23.08.2010Copyright 2010 www.Legal123.com.au2 of 5