A will is a legal document which ensures that your assets (Estate) are distributed as per your instructions after you die. Your will appoints the person responsible for administering your estate (Executor) and the people who receive your estate (Beneficiaries).
Wills also allow you to:
- Name guardians for your children or wards;
- Establish a trust to provide for your children or dependants;
- Preserve your assets;
- Set up a lasting fund for charitable purposes.
Please not that under your Will you cannot specify who may receive your life insurance or superannuation. You will need to contact your life insurance and superannuation provider and discuss this with them.
What happens if I don’t make a Will?
It is recommended that every person over eighteen years of age should make a Will. If you die without a Will it means your estate will be administered in accordance with the laws of intestacy.
The laws of intestacy will apportion your estate to your family in accordance with a fixed legislative formula, or failing that, to the State. This can mean that your estate may not be distributed to your beneficiaries in accordance with your living wishes, loved ones requiring special attention or care may not be properly provided for in your Will, or that lack of clarity as to your intentions may breed conflict between your next of kin.
Changes to your Will
Generally, it is advisable to make a new Will every three to five years to ensure that it continues to accurately reflect your personal and financial circumstances, and the needs of your loved ones.
It is also necessary to update your fill in contemplation of or following:-
- Entering a de facto relationship;
- Separation or divorce;
- A birth in the family;
- A death in the family;
- A substantial change to your assets or finances;
- Natural disasters affecting your assets.
The experienced solicitors at NQ Legal will be happy to assist you in determining the Will structure right for you. If you wish to consult one of our solicitors simply make an appointment to attend our office on (07) 4721 0488.
For a quick and easy way to give our solicitors a thorough overview of your estate planning needs we recommend completing our estate planning check list and bringing it to your appointment.
We also ask that you bring in at least two forms of identification, at least one of which must be photographic.