Making a Will

When you die, your loved ones inevitably suffer loss and grief. It is your obligation to minimise their difficulties by having your affairs as well organised as you possibly can. There is no legal obligation to make a Will, it is purely a matter of choice. However, the important thing to remember is that if you don't have a Will, you do not have a say in how your assets will be distributed or how your estate will be administered.

You should therefore make a Will, appoint capable Executors, and ensure that they have all the necessary information at hand to properly administer your estate. You must properly record transactions, e.g. the terms and due date for repayments of loans made to friends or family members. You must give due consideration to the terms of your Will and ensure that it makes provision for all relevant matters. If you die without having left a validly executed Will your assets are distributed according to a ridged formula set down by the law. Your children or other minors in your care may not receive the protection you would have wished. Your loved ones may need to incur the unnecessary expense and inconvenience of making an Application to the Supreme Court for Letters of Administration and then have your estate distributed in accordance with the Intestacy Rules. This may create undue hardship. If there are no relatives, it is possible that all your assets will go to the Government. For all these reasons it is wise to make a Will. Any person over the age of 18 and of sound mind can make a Will.

The purpose of a Will is to enable your survivors to deal with your assets according to your wishes when you die. Your assets include your house, land, car, shares, bank accounts, insurance policies and any other goods that you own. When you engage in complex business matters you must ensure that your professional advisors, e.g. your Accountant and Solicitor, have and maintain a detailed knowledge of your affairs.

You must have regard for the taxation consequences in the event of death. You must look at the manner in which you own assets. In preparing your Will you must have regard to the nominated beneficiaries of Life Insurance Policies. Your Will would set out which asset goes to which beneficiary. Beneficiaries can be family members, friends or even charities and organisations. If you have a young family, your Will can also state who is to be the Legal guardian of your children.

You should review your Will at regular intervals and ensure that you make a new Will when you get married. Generally, unless your Will specifically states that it has been prepared in readiness for your forthcoming marriage, it will automatically become invalid when you marry. If you are planning to get married, you should consult a Solicitor about making the necessary changes to your Will. Divorce can affect an existing Will but separation does not.

A Will only takes effect at the time of death. You are therefore free to alter your Will at any time and as often as you wish.

The following clause is recommended for inclusion in your will:
"It is my wish that the services for my funeral be provided by an Australian owned funeral director."