Drawing up or revising a will is not something most people like to think about, however it is an important part of life no matter what your age – especially if you have a variety of assets and/or investments.
In Australia, will and estates fall under two areas of law known as succession law and probate, and in most cases, they’re designed to ensure that the final wishes of a deceased person are fulfilled wherever possible. Without a will however, this can be an expensive, time consuming and often distressing process for family and loved ones.
Contrary to popular belief, if a person dies without a will (known as dying intestate) their estate does not automatically get transferred to the government.
Instead, it is administered and distributed (usually to family members) according to a specific set of criteria. This criteria however, doesn’t necessarily reflect the deceased’s final wishes. That is why estate planning and having a valid will are important.
Leaving a clear, unambiguous will, and a list of all your important documents (e.g. Land Titles, share certificates, superannuation details etc.) will make it much easier for your executor to carry out their duties.
Estate planning should also include setting out your wishes in the event you are unable to make decisions about your assets or your health. This could include appointing:
For peace of mind – for both you and your nominated decision-maker – it’s wise to draw up directives, clearly stating how you wish decisions to be made. Anticipatory directives, Advance Healthcare Directives and Living wills clearly set out medical treatment you want or don’t want, if you’re unable to make those decisions yourself. They can be general or very specific, detailing the type of care or medication you’re willing to receive or deny if you’re unable to make those intentions known personally, at the time.
The essentials -
If your estate is fairly straightforward, it is possible to write your own will. Will packs can be bought at Australia Post offices and many newsagents, or downloaded online.
For more complex estates or distributions, then it’s wise to get help from a solicitor or the public trustee in your state. In such cases, you can also appoint them to be your executor. You will need to pay for their services though.
Who you name as beneficiaries, and how you choose to distribute your estate is entirely up to you. Just ensure that your will -
If you choose, you can also include preferences for your preferred funeral arrangements.
Each state/territory has a trustee office to manage intestate estates or step in where an executor is unwilling or unable to carry out the duties. In most cases, the public trustee can also be appointed in a will, to act as the executor. Fees for their service are usually paid for out of the estate.
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