People often have a misconception that they don’t need a Will if they have few assets or are relatively young. However, as RMB Lawyers Partner CLAIRE OSBORNE explains, there are great benefits in having a valid Will.
If you die intestate (without a Will), no individual will be authorised to administer your estate.
This can lead to considerable difficulties and disputes between friends and family members. Further, your assets will be distributed in accordance with the rules of intestacy, so surviving relatives you may not have chosen may benefit from your estate.
Many people also think they are “too young” to make a Will. Sadly, some people die young and without notice so it is important to have a valid Will in place that appoints the person you trust to administer your estate and distribute any assets you have at the time of your death to your chosen beneficiaries.
The process of having a Will prepared is relatively simple in most cases. You discuss your family and asset structure with your solicitor and provide instructions as to who you wish to appoint as executor - the person that is responsible to manage your assets and carry out the directions you make in your Wil). You discuss your beneficiaries - the person/s you want to benefit from your estate after you pass away.
A further meeting to review and sign the Will normally takes 20-30 minutes.
A Will maker can make a specific gift (for example jewelry, shares or a property), a specific amount of money (called a pecuniary gift) or a share of their estate to any person or charity.
After making a Will, you should store your Will in a safe place, such as in safe custody with a solicitor or with your bank in a deposit box. A copy can be kept at home with your personal papers and your executor/s should be informed as to the location of the original Will.
Many Solicitors do not charge for Will storage and at RMB Lawyers we also scan a copy of the original Will onto our system, so we have an electronic copy of the signed Will readily available if required. Keeping Wills at home can be problematic as they can be misplaced, lost, stolen or destroyed in the event of a flood/fire.
Life events like marriage, divorce, the birth or death in the family can alter your estate planning. Regular updates ensure that your Will reflects your current wishes.
If you or your family have further question about your Will or require to make a Will, your first step should be to contact our office to arrange a consultation. You can contact us by by phone or our 'Ask a Question' tool on our website.