A Will is a legal document which sets out how you as the Will-maker (“the Testator”) want your assets to be dealt with after you die. When thinking about what to do in your Will, there are a number of matters you should consider.
One of the first things to think about is who you want to benefit from your estate. These people are known as “beneficiaries” and may include individuals such as your spouse, children, grandchildren, parents and siblings. You may even want to make a gift to a charity or friend.
You will also need to consider who you want to act as your Executor and if you want to have multiple Executors. An Executor is someone appointed in a Will to take on certain responsibilities when you die. For example, your Executor will make decisions about your funeral, as well as obtain Probate (if needed) and administer and distribute your estate.
Other matters that can be addressed in your Will include, but are not limited to, the following:
- Directions about your funeral and burial, including where you want your body or ashes to be placed;
- Specific gifts you may want to make, such as personal items like heirloom jewellery;
- Giving a right of residence to a particular person, for example to a de facto partner;
- Setting up trusts, such as testamentary trusts for minor children or special protective trusts for disabled children; and
- Dealing with a Self-Managed Superannuation Fund, if necessary.
If a Will is not properly drafted, it can lead to problems when the time comes to deal with your estate. It is recommended that you seek advice from a Solicitor to prepare your Will. If you would like to make or amend your Will, please do not hesitate to contact our Estate Planning Solicitors at Brazel Moore Lawyers on (02) 4324 7699.
Leading law firms committed to helping clients cost-effectively will have a range of fixed- priced Initial Consultations to suit most people’s needs in quickly learning what their options are. At Brazel Moore we have an experienced team who can answer your questions and put you on the right track.