Just like going to the dentist or doing taxes, many of us put off writing our Will because it’s something we don’t really want to think about.
But if you aren’t specific in how you would like your estate to be distributed after you die, if something were to happen to you, it will come down to a Court of Law to try and interpret what your wishes might be and this doesn’t always reflect your intentions.
When people die without a valid Will, it’s common for disputes to take place, which can cause further heartache for grieving loved ones. This is unfortunately common in Australia, where approximately 50% of Wills are contested.
That’s why it’s so important to clearly outline your beneficiaries in your Will. Not only will you have peace of mind in knowing that your friends and family will be spared any conflict, but by leaving no room for misinterpretation, your estate won’t be tied up in the legal system and can therefore go towards helping the people and causes that need it most, as quickly as possible.
What is a Guardian?
A guardian is an individual to whom a judge or a will gives the legal responsibility to care for a child or an adult who does not have the capacity for self-care. The appointed individual is often responsible for both the care of the ward (the child or incapable...
If you are listed as an Executor, do you need to take up the responsibility?
A nominated person does not have to accept the appointment as executor. A nominated person can, before applying for a Grant of Probate, appoint the State Trustee to act in their stead, or simply sign a renunciation. However, once a person has undertaken any aspect of...
What if no executor is named in the Will?
If Will-maker failed to appoint an executor, usually the court needs to appoint someone to administer the estate. A person appointed by the court is called an administrator (of a Will). Often this is the beneficiary with the largest portion of the estate. An...
Do young people need a Will?
Don’t leave anything to chance Remember when your parents used to say that you were growing up too fast? And you thought, it’s not fast enough! The thing about growing up is that before you know it, you get swamped with mortgages, insurances, paying taxes,...
Who needs a Will?
A Will is one of the single most important documents a person can have; yet, so many of us put off dealing with it for far too long. Many Australian’s assume that they’re “too young” to need a Will. Some people believe that they don’t own enough assets or have a big...
What is a beneficiary?
A beneficiary is a person who receives all or part of the distribution from the deceased estate. There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide...