What Makes Up Your Will?
Everyone with assets or entitlement to them should have a will. If you die without a will (die intestate), by law, you cannot be sure that the parties you want to benefit will receive your estate assets as you intended.
It is said that less than 40% of people in Australia who should have a will actually have one. One main reason people avoid getting a will prepared by a Wills and Probate Lawyer is because the process seems too mystical and difficult.
Let’s demystify it by explaining the major components of a ‘simple’ will. Your Wills and Probate Lawyer will discuss these considerations with you, so this note prepares you for that discussion. Consider these key components:
Key Components of a Will
1. Executor: This is the person or persons responsible for distributing your estate assets according to your will’s directions. Usually, this is your spouse, a loved one, or a trusted friend.
2. Guardians of Your Children: Nominate in your will who should take care of your minor children if the other parent has predeceased you.
3. Specific Bequests: These are specific gifts made from your estate assets before any other nominated beneficiaries receive their share. For example, you might leave paintings to a specific person or make a bequest to the Royal Flying Doctor Service.
4. Distribution of Superannuation Proceeds: This applies if, upon your death, the superannuation proceeds are to be paid into your estate via a Binding Death Benefit Nomination. Your Wills and Probate Lawyer will discuss your options and alternatives based on your specific circumstances.
5. Distribution of the Remainder of Your Estate: The most common direction is for the surviving spouse to be the beneficiary of the remainder. If the spouse has predeceased you, the remainder is usually divided equally among your surviving children. Other beneficiaries could include relatives or good friends.
6. Funeral Wishes: Specifying your funeral wishes can be helpful to your executor.
When a Simple Will Isn’t Enough
Your Wills and Probate Lawyer may not always recommend a ‘simple’ will. Depending on your family circumstances, business and other investments, tax considerations, and the health and wellbeing of beneficiaries, your lawyer may suggest incorporating discretionary trusts into your will. These are called ‘testamentary discretionary trusts’ and ensure a more effective distribution of your estate assets.
Contact Me
Don’t procrastinate any longer! Call Jim Wilson, Wills and Probate Lawyer, at 0415 645121 for a no-cost, no-obligation initial chat. He will travel to meet you and fit into your schedule.