Why make a will

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


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


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 litigation

When Should You Make A Will?
• As soon as you own assets


• Should update each time circumstances change – e.g. you
have children or grandchildren

What 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


• 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 claims

Consider appointing a lawyer or accountant as an emotional
executor may make a bad decision e.g. selling a property at
unrealistic value


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 Probate

Can Your Will Be Challenged?
Spouse/child/adopted child or de facto can lodge a claim in terms of
inheritance all within 6 months of grant of probate for maintenance if
not adequately provided for


• Court does not consider the relationship between the parties
even if it is a bad one

• Cannot disinherit anyone

Can 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


Can You Change Your Will?
• Major changes – review every few years – new Will

• Minor – Codicil

Is 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


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


OUR SERVICES

Wills 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


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


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