A Last Will & Testament is a must have for anyone. Passing whilst intestate, that is without a Will, may leave your family exposed to economic loss associated with your estate. Worse still a family property may be liquidated rather than being held within your family. Furthermore, you can avoid the expensive Letters of Administration process which may cost your family thousands of dollars.
Even with smaller estates and especially relating to personal effects a will can ensure that your precious items and heirlooms are preserved by designating their recipients, rather than having a pool of assets that may be liquidated by the Executor.
All wills are drafted and examined by a solicitor giving you peace of mind when it comes to your final wishes. We can also assist with more complex estate planning including trusts.
Things to Consider
When drafting your Will there are several things that you will need to turn your mind to. These include but are not limited to:
• Who you will appoint as your executor or executrix. This can be one or more people. If more than one person, then will they make joint decisions or separately.
• Special Gifts such as rings, paintings or other family heirlooms. Being specific with these items can save your estate from legal arguments after your passing.
• Is your superannuation beneficiary binding or non-binding.
• Do you have social media accounts and if so who will manage them.
• Have you got other important logins and user accounts safely recorded.
• Is there real property such as houses, apartments or land as part of your estate.
• Are there any parties that you would like excluded from your estate and if so why.
• If you have shares then consider the capital gains implications so speak with your accountant or financial planner.
Capacity
Capacity refers to the ability of the Testator, that is the person making the Will, to understand and execute their Will. It relates to their mental wellbeing not necessarily their physical wellness and is sometimes referred to as compos mentis. If a Testator has appointed an Enduring Power of Attorney they cannot execute a will on the Testator’s behalf.
An Enduring Power of Attorney (EPA) should be considered if you or a loved one may lose capacity due to a long illness which may result in the loss of capacity. If you believe that an EPA may be required, then you can learn more about how we can assist.
