Making A Will
Why should I make a Will?
A Will is a written declaration whereby you appoint an Executor to administer your estate after your death, discharging your liabilities and distributing your property as directed by you in your Will.
In the event of your death a Will helps to:
- Make your wishes clear.
- Reduce stress for your family and friends at the time of your death.
- Ensure that unnecessary delays and expenses do not reduce the value of your estate.
If you do not have a Will?
Your property will be distributed according to the law which may cause conflict amongst family members and legal fees may erode the value of your estate.
In making your Will you have the option of using a lawyer to ensure that the document is a legal and binding Will.
A lawyer can ensure that:
- The Will is comprehensive and tailor made to your situation.
- The Will correctly details your wishes.
- The Will is a legal and binding document that can be upheld after your death.
An Executor is the person that you appoint in your Will to administer your estate after your death.
- A trustee company or the Public Trustee can act as Executor of your estate but may take a percentage of your estate to do so.
- A lawyer can assist you to appoint your own Executor. The only fee is the cost of the Will.
Under Western Australian Law divorce did not revoke a Will up until 9 February 2008 (but since that time it does), however marriage revokes a Will. In both instances Wills can be made specifically in contemplation of either a divorce or marriage, in which case those events won’t revoke the Will.
There is a need to revise your Will and the prospective beneficiaries when there is a significant change in your life, such as a change of family structure or a change in financial circumstances. We recommend that at a minimum, people review their Wills every 3-5 years, and consider preparing a new Will if necessary.
If you would like to know more information, please contact the team at Lynn & Brown today.