Broadly speaking, a valid Will is one that is in writing, signed by the Will-maker in the presence of two witnesses who have also signed the document. The RMB Wills and Estates Division answers some common questions.
There are three main reasons why it’s important to have a complete and up to date Will:
- It tells others how you would like your assets distributed when you pass away.
- A Will which gives clear direction about the distribution of your assets helps your executor follow your wishes, reducing stress and confusion at an already difficult time.
- It significantly reduces the financial and administrative burden on your family.
What is an estate?
An estate is the term used to describe all the assets a person owns when they pass away, including property, shares, vehicles, personal possessions and bank accounts. Superannuation and life insurance often fall outside your estate and you should ensure they are also considered in your overall estate plan.
What should I include in my Will?
You should include all the assets you own in your Will with directions about how each should be distributed.
How often should I update my Will?
You should update or renew your Will whenever a significant life event occurs. This could be when you have a child, get married, divorced or perhaps purchase a property.
Is there anything that can revoke my Will?
A Will can be revoked when you marry or divorce, so make a new Will if this occurs. The new Will will revoke an existing Will if it contains a revocation clause.
What is Probate?
Probate, or a grant of probate, is an order from the Supreme Court of the relevant state or territory which gives permission for the executor of an estate to distribute the assets of an estate. Probate must be obtained before an executor can distribute the assets. For an intestate estate, when someone dies without leaving a Will, ‘Letters of Administration’ must be obtained to achieve the same result.
What is an Executor?
An executor is the person responsible for gathering all your assets and then distributing them according to the instructions contained your Will.
What is my executor responsible for?
Your executor is generally responsible for managing your estate. This may include informing beneficiaries of their entitlements, liaising with family members, collecting your assets, preparing an inventory of your assets, obtaining probate for your Will and distributing assets.
If you have any further questions about a Will, your first step should be to contact our office to arrange a free consultation. You can contact us by by phone or our 'Ask a Question' tool on our website.