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Why make a will
 

Why make a will

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    Why make a will Why make a will Presentation Transcript

    • Why Make A Will?Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • What Is A Will?• A document whereby you set out your wishes as to how your property/estate is to be dispersed after you die• You can appoint a guardian for any minor children you may have• You can also specify preferred funeral arrangements; cremation or burial, and where you wish to be buried or have your ashes scattered Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • What Does “Property” Include?• Property includes: cars, money, shares, insurance policies, furniture, buildings and anything else you own of value• Property is normally left to beneficiaries (friends, family, charitable institutions) after payment of debts• It can include insurance policies paid to beneficiaries of the policy Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • Why Do You Need A Will?• Most Australians die without a Will• If you die without a Will – Intestate• To ensure that your wishes are carried out• Succession – may go to person you do not want it to• Can cause fighting between heirs that may result in litigationWhen Should You Make A Will?• As soon as you own assets Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • • Should update each time circumstances change – e.g. you have children or grandchildrenWhat Does Your Executor Do?• Acts on your behalf• Must be over 18• Can be a spouse/sibling/lawyer/accountant• Always have a substitute executor• Acts as trustee of minor children Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • • Administers your Estate according to your wishes• Pays realtors• Converts assets• Collects insurance policies payable to the estate• Attends to tax returns• Collects debt due to estate• Defends inheritance claimsConsider appointing a lawyer or accountant as an emotionalexecutor may make a bad decision e.g. selling a property atunrealistic value Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • How Is Your Executor Appointed After Your Death?• Applies to grant and probate – Sworn Declaration• Copy of Will• Assets and Liabilities• Fee payable to Probate Office• Probate Office – grants ProbateCan Your Will Be Challenged?Spouse/child/adopted child or de facto can lodge a claim in terms ofinheritance all within 6 months of grant of probate for maintenance ifnot adequately provided for Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • • Court does not consider the relationship between the parties even if it is a bad one• Cannot disinherit anyoneCan You Avoid Inheritance Claims?• See your solicitor• Set up trusts• Transfer assets to trust• Separate from your Estate so no claim can be made• Make your intention clear Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • Can You Change Your Will?• Major changes – review every few years – new Will• Minor – CodicilIs It OK To Use A Wills Pack?• Ok for simple Wills• If wrong costly to rectify• If you want to execute your own Will, ensure that it is clearly worded and you set out your intention• Community Law Clinic – Citizen Advice Bureau Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • Why Use A Solicitor?• Correct clauses and terms• Experience in drafting clauses• Correctly witnessed and signed• Claim if incorrect• Advice on all requirements – executor, guardian, minors, trustees• When taking instructions they will make clear unambiguous notes Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • OUR SERVICESWills and Probate• Drawing simple Wills• Wills with trusts• Applications for Probate• Letters of Administration (when a party dies with no Will)• Estate planning advice on how to plan your Estate• Assistance with administering Estates Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428
    • Disclaimer• The information in this PowerPoint is general and you should not rely on it• You should conduct your own investigations about a particular matter or seek professional advice• No liability will be accepted for loss or damages or injury as a result of you using any information Charthill Legal - Commercial & Property Lawyers www.charthill.com.au 0417921428