Estate Plan - Will
$440
Order Now;The main purpose of having a Will is to make a written legal statement to clarify what you would like to happen to your assets after your death. It puts you in charge of important decisions now, about what you want to happen to your affairs after you die. Your Will directs your legal representative(s) (called an
Executor) to administer and distribute your assets:
- to the people (called beneficiaries) you want;
- to support their respective needs;
- in the way you want (whether directly or via a trust);
- as quickly and simply as possible (which is not the case if you die without a Will);
- as tax-effectively as possible.
Before completing this template, you need to consider the following:
- who will be your Executor. Your Executor is the person or persons that administer your estate and effectively steps into your shoes after your death. Some common tasks that an Executor does include locating your Will, arranging the funeral, applying for probate and a death certificate, informing government agencies/financial institutions of your death, locating your assets, paying debts, taxes and funeral expenses and transferring your assets to your nominated beneficiaries;
- what will happen if both partners/spouses die within a short period of time, who will receive your assets in this situation;
- who will you nominate to be the legal guardian of your minor children;
- do you want any specific asset to go to a specific person, or if assets are to be sold and the cash distributed;
- certain assets that you may think are yours, cannot be dealt with via your Will. These include superannuation (where a binding nomination has been made), assets held via a company or trust, property held in joint names (it will pass automatically to the surviving partner).
No Will?
If you do not have a Will your estate will be distributed under the
rules of intestacy. there is no guarantee that the people you want to benefit from your estate will do so. This will inevitably cause hardship to those closest to you. Common issues include:
- your spouse/partner may not automatically be entitled to all of your estate;
- your spouse/partner may be forced to sell the family home so that other beneficiaries can claim their share of estate assets;
- provision that you wanted to protect your children's future may be lost;
- the guardian of your minor children may be someone other than your preferred choice;
- someone you do not wish to benefit from your estate, may become a beneficiary.
Having a Will simply makes the process of winding up your estate quicker and cheaper.
If you require any amendments to the document after it has been returned to you, one of our lawyers can make those amendments however the cost for this work is
not included in the price of this document. Please contact us on info@ampalmer.com.au for further assistance.