2. What happens if I die without a will?
4. Our assets are in joint names so why do we need two Wills?
6. Can I change my mind after executing my Will?
7. Should I review my Will periodically?
8. I already have a Will so what should I do now?
- It is the only way, on your death, you can direct who is to take charge of your affairs and ensure your assets will be properly distributed to the beneficiaries of your choice and in the way you want.
2. What happens if I die without a will?
- You will die "intestate" and your assets will be distributed strictly according to fixed and inflexible state legislation. An administrator will take charge of your affairs and neither your wishes nor those of your family will be followed.
- Broadly speaking anyone of sound mind and over the age of 18. A minor and a person who is not of sound mind can make a will but it must be authorised by a Court order.
4. Our assets are in joint names so why do we need two Wills?
- In most circumstances, jointly owned assets pass by survivorship but problems may arise if both you and your spouse are killed in an accident without either of you leaving a valid Will.
- Yes, but the "Do It Yourself" variety may create problems. Strict rules of interpretation of the "last Will and Testament" still apply. The use of legal terms which you may not fully understand could have devastating consequences which may lead to protracted and expensive court action. A solicitor can advise you on many issues not covered by Will kits such as who in your life may challenge your will, what steps you can take to minimise the effects of Court action on your beneficiaries, the tax implication of leaving your assets in accordance with your wishes and which of your assets will not be dealt with by your Will.
6. Can I change my mind after executing my Will?
- An existing Will can be revoked by drawing up a new one, adding a codicil or even destroying it with the intention of drafting a new one. On your death only the last Will made is effective provided it is properly drawn, signed and witnessed and has not been revoked.
7. Should I review my Will periodically?
- Your Will is one of the most important documents you will ever sign. It only comes into effect once you die and should be reviewed as your circumstances change: marriage, divorce, change to laws, your own financial position, the birth of a child, the death of your executors or beneficiaries, changes to the membership of your household, the purchase of new property, moving overseas, the onset of illness by your beneficiaries, family members or household members, changes to the earning capacity of beneficiaries, family members or household members etc.
- We recommend you review your Will every four years.
8. I already have a Will so what should I do now?
- Your Will is not a document to put away and forget. If you have not checked it for some time, you should do so now and if it doesn't reflect your current wishes, contact us right now for a review.
