Wills: Why do we need them?

Wills are legal documents that clearly determine the distribution of your assets after your death.

Wills: Why are they important and why should I have one drafted?

Wills are vitally important as they ensure that your wishes for family and loved ones are implemented following your death. If you die without a will in place a statutory intestacy formula applies. This distributes assets according to a pre-defined formula and your estate may be distributed in a way that you would not have chosen.

Additionally, it is highly advisable to have a will professionally drafted. The court may overturn wills with imprecise wording and incorrect legal terminology. If this was to happen the statutory intestacy formula would apply. This means that your assets may not be distributed according to your wishes and your desires for your loved ones may not be implemented.  This process may also be costly and time-consuming.

Who can I leave my assets to?

You may leave your assets to anyone (or entity) that you want. It is important to note that in some circumstances a person who constitutes a dependant may be able to challenge the will if they believe they have not been adequately provided for. This is another good reason to seek professional advice.

What is the effect of marriage and or divorce?

In most cases a will made prior to a marriage will be nullified. If it is made in anticipation of marriage it will still be valid.

If you divorce after a will is made, it revokes any gift to your former spouse. Their appointment as an executor, trustee or guardian is, bar a few exceptions, also revoked.

However, if you have separated but not divorced your will remains unchanged. You should update your will immediately to ensure that your wishes are fulfilled.

If you require further information on Wills and Estate Planning please click here 

Don’t wait. Ensure that your family and friends are provided for according to your wishes. If you require legal advice in relation to any issue please contact Frank Legal at info@franklegal.com.au or on 02 96886023.

Written by Tim Cargill & Edited by Naomi Webb

(This article is provided to the reader for general information. It is not legal advice.)