The importance of making a Will cannot be over-emphasised. If you die without one, a set of rules will apply. These dictate who can inherit your asset and it is unlikely your assets will be distributed as you had wished. Making a Will, therefore, provides you with the peace of mind that comes with knowing that all your wishes will be fully met, and your affairs are in order.
At Republic Lawyers we know that the thought of making a Will can appear a little daunting or even morbid. We see it simply as good planning, similar to insuring your home and belongings or having a life assurance policy in place. Making a Will is no different. Making a Will now does not mean that your wishes are cast in stone forever, you can make changes to it at any time in the future.
How do you Write a Will?
The law lays down strict rules as to how a Will must be drawn up. If a Will fails to meet any of the legal requirements, it will be declared invalid. To make a valid Will, you must be over 18 and be of “sound disposing mind” (also known as having testamentary capacity), which means you are capable of understanding the effects of drawing up a Will.
There are also extremely precise requirements as to how a Will is to be executed, and where a Will is not executed correctly (even if it is only a technical breach), the Will will be declared invalid. We always endeavour to be present when your Will is executed (either at our offices or at your home) to ensure it is done correctly.
What Should be Included in a Will?
To save time when going to a lawyer, you should give some thought to the major points that you want included in your Will, such as:
How much money and what property and possessions you have, for example land and properties, savings, pensions, insurance policies, bank and building society accounts and shares.
Who you want to benefit from your Will, i.e. the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also need to consider whether you wish to leave any money to charity.
Who should look after children or dependants and Who is going to sort out the estate and carry out your wishes as set out in the Will. These people are known as the Executors.
At Republic lawyers we strongly recommend that people know where their most up-to-date Will is kept. We are happy to store your Will at no charge.
Republic Lawyers can guide and advise you on the most suitable arrangements for decision-making considering your circumstances. Contact one of our experienced lawyers on (02) 8747 1789 to discuss how we may assist you to achieve a favorable outcome.
The above information is intended as general information and is not to be relied on as legal advice.