Having a Will creates a secure structure for your assets in the event of your death. Without a valid Will in place, your assets may be distributed in a manner that is different from what you may have wanted.

The structure of a Will depends on your particular circumstances and requirements.

Generally, a Will may contain a variety of matters relating to:

- executors and trustees
- guardianship of minor children
- specific gifts
- distribution of assets
- succession of family trusts and companies
- funeral wishes

We suggest you see an Estate Planning lawyer to prepare your Will to ensure that it is legally valid and specific to your circumstances.

An Estate Planning lawyer will make sure that your Will is drafted in accordance with the required legislation as well as ensure that it is executed correctly.

A Will does not transfer ownership of all of your assets. Only assets in your personal sole name will form the assets of your estate and can be distributed by your Will. Your assets that are not covered by your Will are known as non-estate assets.

Please contact us for a discussion on what assets your Will does and does not cover.

If you are in a de facto relationship or have been married, separated or divorced then it is important that you speak with an Estate Planning lawyer when making your Will or to review your current Will.

As a general rule, you are free to make your Will as you see fit. However, it is possible that someone may 'challenge' your Will and make a claim for provision out of your estate.

The executor is the person nominated by you to be in charge of the administration of your estate following your death.

The general duties of an executor include:
-to arrange for the proper disposal of your body
-to obtain a grant of probate
-to ascertain the assets of your estate
-to ascertain the liabilities of your estate and pay your funeral and administration expenses and debts of your estate
-to distribute your estate in accordance with your wishes

It is essential to choose someone who is trustworthy, capable and willing to take on the responsibility of being your executor.

It is preferable to have two or more executors. The appointment of more than one executor prevents a lapse in the administration of your estate due to the death of the sole executor.

A substitute executor may be appointed in the event that the original executor is either unable or unwilling to act.

Store your Will in a secure and safe location to ensure that it is not lost, damaged or tampered with.

It is important that your executor and other loved ones know where your Will is stored, and how to access it.

Your Will should generally be reviewed every three to five years or in the event of a major life event such as:
- marriage
-entering into a de facto relationship
-divorce
-seperation
-having a child
-if the circumstances of any of your beneficiaries have changed considerably, or
-if your assets have changed substantially

If you would like to review or update your Will, whether originally prepared by us or not, we are here to help.