Writing your Will
Planning for the future and ensuring your loved ones are well looked after is important. You know you need a Will, but it can be difficult to know how to get started and how to navigate those difficult decisions.
Trustees Executors is experienced in helping people to build and protect their wealth and ensuring friends, family and loved ones are protected.
What is a Will?
A Will is the best way to ensure your assets are distributed in accordance with your wishes. As well as looking after loved ones you can also leave bequests and gifts, give to charities, ensure the family heirlooms are left in safe hands, record your funeral wishes, and appoint guardians to take care of your children.
Simply click on the contact us link below to fill out your details or call us to discuss how we can help.
What if you don’t have a Will?
Administering an estate where there is no Will is likely to be very expensive, causing extra stress and financial worries at a difficult time.
Your estate will be dealt with in accordance to the law under the Administration Act 1969 and other applicable legislation. If you don’t have a Will, this can be quite complex and if you have children, your spouse or partner will not automatically inherit all your assets. A full description is below. But if you die without a Will you lose power to have your say, and instead the law decides for you.
This means that loved ones could miss out on their inheritance, and also possibly have to undertake a court application to appoint who takes care of your estate.
In some situations the distribution is clear, however often the position is a little more complex:
- If your spouse/partner survives and you have had children – the spouse/partner receives all personal chattels, $155,000 and 1/3 of the remainder. The children receive the remaining 2/3 (in some cases the sale of a family home may be required to effect a necessary division of assets).
- If your spouse/partner and parents are living but no children – your spouse receives all personal chattels, $155,000 and 2/3 of the remainder and your parents receive the remaining 1/3.
- If there is no spouse/partner, children, or parents surviving – everything goes to other blood relatives such as grandparents, siblings, aunts or uncles or by default to the government.
Keeping your Will up to date
The next important step after making your Will is to ensure it remains securely kept and up to date – time and circumstances may drastically change what you own, to whom you wish to make bequests and how you wish to make them.
Your Will should be reviewed:
- Your relationship or financial situation has changed
- You have had a child or grandchild
- You wish to change who will benefit under your current Will
- You have children whose marital status has changed
If changes in your life mean you need to make further updates, it's easy to contact us to make the necessary changes. We provide continuity so you and your family can have peace of mind that we will always be here when you need us.
It is also very important to let your family know where your latest Will is held or even give a copy to a family member you trust to put away for safe keeping. Things can get very complicated if you have moved or if any major life events have happened since the last acknowledged Will.
At Trustees Executors all of our Wills are kept on an up-to-date database and the originals are kept securely in our vault.
Why Choose Trustees Executors?
We provide a personalised service and our experienced team will work with you to establish:
- Who will be the Executor of your Will
- How your estate is to be distributed
- Who will be the legal guardians of any dependants
- Instructions for your funeral
- Anything else that is important to you, such as bequests to charity or distribution of jewellery
Choosing the Executor of your Will is one of the most important decisions to make. Read more about the role of an Executor in our Estate Administration Services.
There is much to consider when writing your Will and it is important to get expert advice for your circumstances. Laws relating to relationship property, family and any promises of gifts can be complex and must be taken into consideration.