Why make a will

Why Make A Will?

Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428

What Is A Will?• A document whereby you set out your wishes as to how

your property/estate is to be dispersed after you die

• You can appoint a guardian for any minor children you may have

• You can also specify preferred funeral arrangements; cremation or burial, and where you wish to be buried or have your ashes scattered


What Does “Property” Include?• Property includes: cars, money, shares, insurance

policies, furniture, buildings and anything else you own of value

• Property is normally left to beneficiaries (friends, family, charitable institutions) after payment of debts

• It can include insurance policies paid to beneficiaries of the policy


Why Do You Need A Will?• Most Australians die without a Will

• If you die without a Will – Intestate

• To ensure that your wishes are carried out

• Succession – may go to person you do not want it to

• Can cause fighting between heirs that may result in litigation

When Should You Make A Will?• As soon as you own assets


• Should update each time circumstances change – e.g. you have children or grandchildren

What Does Your Executor Do? • Acts on your behalf• Must be over 18• Can be a spouse/sibling/lawyer/accountant• Always have a substitute executor• Acts as trustee of minor children


• Administers your Estate according to your wishes• Pays realtors• Converts assets• Collects insurance policies payable to the estate• Attends to tax returns• Collects debt due to estate• Defends inheritance claims Consider appointing a lawyer or accountant as an emotional executor may make a bad decision e.g. selling a property at unrealistic value


How Is Your Executor Appointed After Your Death?• Applies to grant and probate – Sworn Declaration

• Copy of Will

• Assets and Liabilities

• Fee payable to Probate Office

• Probate Office – grants Probate

Can Your Will Be Challenged?Spouse/child/adopted child or de facto can lodge a claim in terms of inheritance all within 6 months of grant of probate for maintenance if not adequately provided for


• Court does not consider the relationship between the parties even if it is a bad one

• Cannot disinherit anyone

Can You Avoid Inheritance Claims?• See your solicitor• Set up trusts• Transfer assets to trust• Separate from your Estate so no claim can be made• Make your intention clear


Can You Change Your Will?• Major changes – review every few years – new Will

• Minor – Codicil

Is It OK To Use A Wills Pack?• Ok for simple Wills

• If wrong costly to rectify

• If you want to execute your own Will, ensure that it is clearly worded and you set out your intention

• Community Law Clinic – Citizen Advice Bureau


Why Use A Solicitor?• Correct clauses and terms• Experience in drafting clauses• Correctly witnessed and signed• Claim if incorrect• Advice on all requirements – executor, guardian, minors,

trustees• When taking instructions they will make clear

unambiguous notes


OUR SERVICES

Wills and Probate

• Drawing simple Wills • Wills with trusts • Applications for Probate• Letters of Administration (when a party dies with no Will)• Estate planning advice on how to plan your Estate• Assistance with administering Estates


Disclaimer

• The information in this PowerPoint is general and you should not rely on it

• You should conduct your own investigations about a particular matter or seek professional advice

• No liability will be accepted for loss or damages or injury as a result of you using any information


Why make a will

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