Wills - Should I make a Will?
What if I have no Will?
If you die without a Will or even a valid Will, your estate becomes is “intestate”.
This means you do not have a say in who receives your property and assets. This may exclude your de facto partner.
With a Will, you choose the beneficiaries.
“Beneficiaries” are …
Those people you give cash, possessions, art, cars and real estate.
Can I ‘dispose’ of my property in different ways?
Yes, you can distribute different property to different people (including children) with or without conditions.
What form does a Will take?
It must be written and correctly specify how your estate is to be divided and must deal with contingencies such as the early death of your intended beneficiaries.
Some of the formalities include: ensuring there are no assets not given away, your mental ‘capacity’, signatures and proper witnessing.
What else should I think about?
- Who should administer (run) my estate and how is it administered?
- Who are the beneficiaries? What happens if they are under 18, or die first?
- Organ donation?
- Funeral and ceremony selection.
Also, do not forget, please ensure your Will is up-to-date and changed every time something big or important in your life changes. This includes starting or ending a relationship, having or planning children, and buying or selling significant assets.