A will is a legal document that explains how you want your assets to be distributed after you pass away, including your house, money, and personal belongings. Having a will that is clear, legally valid, and up to date will ensure your assets are protected and distributed according to your wishes. Your beneficiaries — and your lawyer — will then know who you wanted as your executor, the person or organisation responsible for administering your estate after you pass.
It will also allow for the provision of any children under the age of 18 in your care at the time of your death. As your personal situation changes during your lifetime, such as children, grandchildren or spouses becoming part of your life, your will needs to be updated to reflect your change wishes due to these developments. Updating your will is essential if you wish to ensure there is no confusion when you pass away as to how you would like your estate bequeathed.
And of note, a will does not expire unless there is a more recent will that has been legally witnessed and signed. These individuals and charities are commonly referred to as the beneficiaries under your last will and testament. In addition, within the provisions of your last will and testament, you nominate an Executor to be responsible for the proper administration of your estate and the disposition of your property to your intended beneficiaries.
The Executor may be an individual or an institution. After your death, the person or entity you have nominated to be your Executor petitions the court to be appointed Executor of your estate. If your circumstances are simple, you can make a standard will online yourself.
But if your circumstances are a bit more complex, you should get a lawyer to draw up a will for you. For more information on drafting a will, download our Free Legal Will Kit here. Blended families, estranged relatives, loved ones with special needs with either a disability or addiction issues will be requiring trust arrangements. It is extremely rare to see a person whose circumstances can be addressed by a DIY will. Getting professional advice for individual situations is key. As circumstances change, reviewing the will and updating arrangements are equally as important.
If you have assets overseas and have made an international will, it will be recognised as a valid will in countries that are party to the Convention Providing a Uniform Law on the Form of an International Will — Australia is a party to this agreement.
Copies of your will should be made with a note explaining where the original one is kept, preferably in a safe place known to you and your executor.
When you make a will, you will need to nominate an executor who will be responsible for managing your estate once you are gone. You may choose to nominate a lawyer as your executor due to their expertise in administering wills, or you can choose a family member, friend, or expert from a will-related service. For example:. Like your will, the codicil should be in writing, signed, and witnessed by two people.
It may be best to consider involving your lawyer or another form of legal council when making changes to your will to ensure the legality of the changes are upheld as you wish them to be. A will can be challenged on the basis of undue influence. A will can also be challenged on the basis of fraud, which can be validated if it is shown that:. In fact, will disputes are becoming increasingly common due to the increasing complexity of the family unit.
A claim must be made before the estate is finalised and distributed to the other beneficiaries. Each Australian state and territory has slightly different laws and processes regarding probate, however the process for the state of NSW, as an example, is as follows:. For information on probate in your state or territory, visit the relevant site below.
There are a number of legalities involved in the Grant of Probate process, with appointment of the executor being the first step. The executor is identified in the will of the deceased person and is notified of their role by the party who holds the last will and testament. Their second important role is to secure and distribute your assets and ensure the terms of your will are carried out lawfully.
Some of their other duties involve:. Good communication between an executor and the beneficiaries is essential to effectively administering an estate.
Whether or not a Grant of Probate is required depends on the assets of the estate. If you owned assets in more than one state or country, your executor may have to apply for a Grant of Probate in each area where the assets are located. But if you had assets in different states of Australia and in certain countries, your executor can apply for a resealing of the original grant.
Estate planning is the preparation of tasks that serve to manage all of your assets and financial affairs in the event of your incapacitation or death. This includes the distribution of your assets to your beneficiaries, the settlement of estate taxes, making a will, naming a guardian for your children under 18, appointing a successor trustee for a family trust, providing for the transfer of your business and personal dealings, and setting up an enduring power of attorney.
For example, estate planning involves making a will, but you can only include assets owned exclusively by you, such as your house, car, cash, savings, jewellery, books, photos, business, shares, and investments. If you have a detailed estate plan in place, your wishes regarding the distribution of your estate are generally able to be followed. A power of attorney is a legal document giving another person the authority to deal with your property and financial affairs on your behalf.
There are two types of powers of attorneys: a general power of attorney and an enduring power of attorney. You can appoint a lawyer, family member, friend, or a will service to act as your attorney. Too often these problems could have been easily avoided by having a proper estate plan in place. Consider your current financial position, anticipated future assets, next of kin and your chosen beneficiaries.
A good estate planner will discuss these matters with you and provide advice as to the best way to plan your estate to minimise taxation and give effect to your testamentary wishes. Assets are the personal items you own that can be distributed to your beneficiaries after your death.
They include items owned exclusively by you, such as your house, car, cash, savings, jewellery, books, photos, business, shares, and investments. It may also include assets from your superannuation fund, assets owned by discretionary or unit trusts, proceeds from your life insurance policy, and assets held in family companies or trusts.
Need NOT be acknowledged or subscribed before a notary public 3. For purposes of its PROBATE, it is better that the signature of the testator of a holographic will be witnessed by at least three 3 witnesses.
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Ryan Leocario. Erlick Santos. At this point, you can make a special request if you desire. Put your Last Will and Testament in a safe place.
You can create many copies and distribute them to people you trust for safekeeping. Periodically update your Will to reflect the current situation of things. For example, when new properties are added or when a child is born to the family. It is a good idea to have your Last Will and Testament notarized upon signing whether it is required or not in your state. Notary public can be found at any bank branch.
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