FAQs about Creating Wills & Estate Planning
Frequently Asked Questions
Do you have Questions? We have Answers.
Bush to Beach Legal’s tips and questions in understanding the importantce of having a legal Will and Estate Planning documents to protect your family and loves ones.
7 Wills & Estate Planning FAQ to Keep your Family's Future Safe
1. Who can make a Will?
Generally speaking anyone over the age of 18 years can make a will.
To make a will, the person must also have testamentary capacity, meaning they must be of sound mind. When assessing this, the person must know and understand:
– what a will is;
– what the testator is leaving in the will (approximately); and
– the claims a person may make against their property
Every adult in Australia regardless of their wealth, family status, or age should make a will, with the document not only outlining what is to occur with the testators wealth and assets, but also disclosing the final wishes related to burial and organ donation. These personal choices are equally as important as tangible assets.
2. Can I change my Will?
Absolutely you can change your will! In fact, if your circumstances have changed significantly, it is important that you review and consider amending to ensure your will reflects your current stage of life.
A person can amend their will at any time and may do so as many times as they wish. A codicil can be added to a current will for small amendments, otherwise a new will can be made which will automatically revoke the existing one.
Whilst amendments to wills can be cost-effective for minor changes, a new will should be made if the person:
– Gets married;
– Gets divorced;
– Separates;
– Invests or purchases an asset; or
– Becomes involved in a new business or trust
3. What is an Executor?
At Bush to Beach Legal one of the questions we are asked most often is, what is an executor? What do they do? And why do I need one?
An executor is the person appointed in the will to carry out the deceased person’s wishes. The duties of an executor will often include the following:
– Informing beneficiaries of their entitlements
– Arranging the funeral
– Selling assets
– Paying debts and expenses
– Maintaining tax records
Given the requirements of the role it is important that when choosing an executor, you choose someone who is capable of fulfilling the role. Additionally, it is possible to appoint multiple executors, so that way the load is carried between two people. This can be advantageous if the executors work well together, however disputes can arise should the executors have differing viewpoints, so it is important to consider this as well.
An executor will need to be over the age of 18 years, as they will be responsible for signing important legal documents, such as the Grant of Probate Application.
4. What do I need to include in my Will?
When you are making a will, you need to consider what will happen with your closest and most cherished things. There can include;
Personal property, such as houses, cash, cars, shares, heirlooms, jewellery and animals.
Rights and powers, for example who will be the guardian of your minor children
In addition to considering tangible property items, there are also other things that you will need to consider in terms of your final wishes, such as;
– Organ donation, whether you wish your organs to be donated to others or used for the purpose of scientific research
– Funeral and burial wishes, such as whether you wish to be buried or cremated.
5. Why can’t I just use one of those will kits from the post office?
Do it yourself wills are certainly a cost-effective option, that goes without saying. These DIY wills are also often better than no will at all. However, with cost effective options such as those offered by us here at Bush to Beach Legal, why would you risk all that you have worked for, and not having your wishes fulfilled with a DIY Kit.
Additionally, DIY will kits are also only extremely basic and are not at all ideal for many family situations, such as blended families which are becoming more and more common.
Best not to risk it and leave drafting compliant, sound documents that reflect your intentions to the professionals.
6. Why is using the right language so important?
As tempting as it may be, given that beneficiaries are often loved ones or people, you as the testator (will maker) cherish the most, beneficiaries should not be involved in the will preparation process, and should certainly not sign as a witness.
Beneficiaries who do partake in will preparation and who sign as witnesses can lead to them being disqualified from receiving any entitlement in the future.
7. Can a beneficiary sign as a witness?
As tempting as it may be, given that beneficiaries are often loved ones or people, you as the testator (will maker) cherish the most, beneficiaries should not be involved in the will preparation process, and should certainly not sign as a witness.
Beneficiaries who do partake in will preparation and who sign as witnesses can lead to them being disqualified from receiving any entitlement in the future.
