What is a Will?

In Australia, a properly drafted Will is a legally binding document that outlines how a person's assets and estate should be distributed upon their death.

Why are wills important?

A will provides several significant benefits, including:

1. Asset Distribution: A Will allows you to specify how your assets, including real estate, money, personal belongings, and investments, should be distributed among your chosen beneficiaries. Without a Will, the distribution of your assets will be determined by intestacy laws, which may not align with your wishes.

2. Executor Appointment: You can nominate an executor in your Will, someone you trust to manage your estate and ensure that your wishes are carried out. This person will handle tasks such as paying debts, filing taxes, and distributing assets.

3. Guardian for Minors: If you have children under the age of 18, a Will is essential for naming a guardian who will be responsible for their care in case both parents pass away. This ensures your children are cared for by someone you trust.

4. Avoiding Family Disputes: A well-drafted Will can help minimise the potential for disputes among family members over asset distribution. It provides clear instructions that can reduce confusion and disagreements.

5. Tax Planning: A Will can be used for basic tax planning, such as leaving assets to beneficiaries in a tax-efficient manner. This can help minimise the tax burden on your estate and your beneficiaries.

6. Charitable Giving: If you wish to leave a portion of your estate to a charity or non-profit organisation, a Will allows you to do so, supporting causes that are important to you.

7. Personalisation: Your Will reflects your unique wishes and intentions. It allows you to make specific bequests, such as sentimental items, to specific individuals or organisations.

 A professionally drafted will is invaluable

Estate Planning is all we do. We can ensure your Will is properly drafted and legally valid in Australia.

 We can help you navigate the legal requirements, draft a Will that accurately reflects your wishes, and ensure that it complies with Australian laws, which can vary by state and territory.

Keeping your Will up-to-date is also essential, especially when significant life events such as marriage, divorce, the birth of children, or changes in your financial situation occur.