Most individuals discuss organising their Will or, if they have a Will already, altering it from time to time. To be circumspect, everybody ought to have a legal Will. It is the right approach to your affairs. If you are a parent or married, in a defacto relationship, or even are a business owner, ensuring that you have a current Will in place can save your surviving relatives a lot of stress. The problem is that many people delay the process. The purpose of this article is to consider the need for a Will, altering your Will and essentially how the Will is dealt with later.
My name is Glenn Duker. I am a solicitor who has drafted many wills for various individuals over the years.
Why should you put a Will in place? A Will represents the means by which you nominate how your assets following your passing are to be distributed. It is not uncommon to endeavour to exclude certain people from benefiting also. Not having a Will in place may result in your remaining assets being distributed to those whom you did not intend to benefit from your estate. Do It Yourself Will kits are not the best approach in my opinion. It is best not to risk a claim against your estate. Your Will is a valuable and important thing and is the way in which you direct the distribution of your assets. Considered legal advice is best way to go.
If you already have a Will, at what stage should you update it? Most definitely, when your circumstances change, including commencing or ceasing a defacto relationship, the addition of children, when you retire, get divorced or get married. These are significant matters which will engender circumstances where your current wishes are paramount. Indeed it may just be also that you want to bequeath items to individual family members or charitable causes as time goes by.
The will is administered by a an Executor (or Executrix, if a female). The Executor's initial role is to apply for the Grant of Probate, which is a document sealed by the Court authorising the distribution of assets according to the Will. The assets are then so distributed and the Executor's role comes to an end. This is to be distinguished from the role of a trustee who administers any assets held on trust by the estate, typically for children. Clauses in Wills relating to trustee powers are usually very broad, permitting maximum flexibility.
Dying intestate is not always problematic but it can be. You will have lost the opportunity to cater for those who have survived you. The peace of mind created through a valid, properly executed and well thought through Will and knowing that your affairs have been left "tidy" is worth it in itself. Please note that the content of this article is general only and always seek the advice of a lawyer in relation to your Will.
My name is Glenn Duker. I am a solicitor who has drafted many wills for various individuals over the years.
Why should you put a Will in place? A Will represents the means by which you nominate how your assets following your passing are to be distributed. It is not uncommon to endeavour to exclude certain people from benefiting also. Not having a Will in place may result in your remaining assets being distributed to those whom you did not intend to benefit from your estate. Do It Yourself Will kits are not the best approach in my opinion. It is best not to risk a claim against your estate. Your Will is a valuable and important thing and is the way in which you direct the distribution of your assets. Considered legal advice is best way to go.
If you already have a Will, at what stage should you update it? Most definitely, when your circumstances change, including commencing or ceasing a defacto relationship, the addition of children, when you retire, get divorced or get married. These are significant matters which will engender circumstances where your current wishes are paramount. Indeed it may just be also that you want to bequeath items to individual family members or charitable causes as time goes by.
The will is administered by a an Executor (or Executrix, if a female). The Executor's initial role is to apply for the Grant of Probate, which is a document sealed by the Court authorising the distribution of assets according to the Will. The assets are then so distributed and the Executor's role comes to an end. This is to be distinguished from the role of a trustee who administers any assets held on trust by the estate, typically for children. Clauses in Wills relating to trustee powers are usually very broad, permitting maximum flexibility.
Dying intestate is not always problematic but it can be. You will have lost the opportunity to cater for those who have survived you. The peace of mind created through a valid, properly executed and well thought through Will and knowing that your affairs have been left "tidy" is worth it in itself. Please note that the content of this article is general only and always seek the advice of a lawyer in relation to your Will.
About the Author:
For more information from the author, Glenn Duker, you may like to try: Glenn Duker Will Webpage.