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Wills
The importance of having a Will
A Will is the best way to provide that your assets are protected and are distributed according to your wishes.
The issue of making a Will can be considered onerous but planning for future contingences is the most effective way to ensure the protection of your family’s welfare.
A Will enables you to appoint an Executor who you can trust to carry out your instructions.
If you do not leave a valid Will you risk the financial security of those you have left behind.
If you die without a Will your assets will be distributed amongst your closest relatives pursuant to a set legal formula outlined in the Administration and Probate Act 1958 (Vic) or Succession Act 2006 (NSW). This distribution may not reflect your wishes, so it is important to make a valid Will.
Regular Review of your Will
Regular reviews and updates might be driven by a number of events such as the birth of children and grandchildren, marriages, remarriages, separations, the passing of a beneficiary or Executor or the acquisition or sale of assets bequeathed in a Will.
It is important to note that if you have a Will and you marry, your Will is revoked on the marriage. However on separation from your spouse a Will made prior to the separation will not be affected. Any gifts to your divorced spouse as well as the appointment of executor will however automatically be revoked.
It is recommended that you review your Will every three to five years to ensure your Will still adequately reflects your wishes.
Who may make a Will
Any person over the age of 18 and who has the mental capacity to understand what is being done may make a Will.
Making a Will
There are several decisions you need to consider when making or updating your Will such as:
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Who you will appoint as Executor of your Will to be responsible for carrying out the terms of your Will;
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Assessing your assets and understanding what you own and how you own it;
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Who you want to benefit from your estate i.e. family, friends, charitable organisations;
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The division of your assets, that is how your estate is to be distributed between your beneficiaries by way of specific bequests, percentages of your total estate, creating testamentary trusts etc;
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The age that beneficiaries shall take their share of the estate;
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Consider likely claims or challenges that could be made;
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Provisions for funeral arrangements and guardianship of your children.
Why Instruct a Lawyer
Skinner & Associates, Solicitors has extensive expertise in Will writing. We will:-
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Ensure your Will is drawn and properly executed;
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Ensure your wishes are clearly expressed in your Will;
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Advise as to whether an existing Will should be changed to reflect current circumstances;
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Advise as to legal compliance and tax effectiveness with particular regard to testamentary trusts and estate planning;
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Advise on what circumstances your Will could be contested or challenged and how to prevent the chances of that occurring;
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Provide secure storage of your Will as a free service.
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