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| WILLS - A LIVING LEGAL DOCUMENT |
Your will is a legal document that sets out how you want your assets to be distributed on your death.
If you do not leave a will your estate will be distributed according to a formula set out in legislation. In some circumstances, the result of dying without a will can be disastrous for your family or loved ones. Having a solicitor prepare your will ensures your assets will be distributed according to your wishes.
Wills, however, are not static documents. They change and evolve as your own circumstances change and evolve. Revise your will at least every five years or when a significant event such as marriage, divorce, the birth of a child, or the death of a family member takes place.
It may also be necessary to appoint a guardian for your children after their birth or to review your appointed executor.
Your solicitor can give you an unbiased and objective opinion on how you should go about disposing of your estate. Consulting a solicitor ensures your will is properly drawn, signed and witnessed. Your solicitor can also discuss the more complicated issues of:
* who should be your executor and what powers they should have;
* selecting a guardian for your children and how your estate can provide for their future financial needs;
* which assets you can dispose of in your will and which assets you cannot, such as those owned by a family discretionary trust;
* what liabilities you need to provide for in your will and whether your life insurance is adequate in the circumstances;
* who could make a claim against the estate and how to avoid a testator’s family maintenance claim?;
* options for providing for a de facto spouse, second marriages and blended families;
* the appropriate age for beneficiaries who are minors to take control of their share of the estate;
* funeral arrangements;
* where to keep your will, who should know where it is kept, and in what circumstances it should be reviewed; and
* the uses and benefits of appointing a power of attorney.
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| Posted 26 Oct 2005 |
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