Making a Will
Preparing a Will can be complex. At Shine Lawyers, we can guide you through every step of the process and ensure your Will is legally valid and adequately reflects your wishes. Before drafting a Will, it is important to consider a few critical details, including:
- Who you wish to appoint as your executor/s
- Who you wish to appoint as the guardian/s of your minor children
- What assets and liabilities you have
- How you want your assets to be distributed in the event of your death
- How assets that won’t come into your estate should be dealt with.
Updating a Will
Your personal circumstances can change often and drastically. If you already have a Will, it is essential to review it regularly to ensure it is always up-to-date. Situations that prompt a change of your Will include marriage and divorce, the birth of children or grandchildren, the death of a beneficiary or executor, or a significant change to your financial situations or assets held by you. It is important to note that a change in your situation could cancel your existing Will.
Why do I need a Will?
Without a Will, the distribution of your assets after your death will take place without your wishes being considered. If you die without a Will, someone will be required to act as an administrator. The administrator will need to obtain a Grant of Letters of Administration from the Court to have the authority to handle your estate. If no one is willing or able to act as your administrator, the Public Trustee may do so. There are rules in place to determine how your estate is distributed if you do not have a Will. These are known as the ‘Rules of Intestacy’. The absence of a Will can make distributing your estate to your loved ones more complicated and time consuming than it would otherwise be.
The costs for preparing a Will
For the preparation of a Will, a fixed fee will apply. For more complex arrangements, additional charges may be required. Your lawyer will explain the process and outline the charges for you prior to any work taking place. Most Wills can be prepared quickly, giving you peace of mind that your affairs are in order.
Loss of mental capacity as a result of injury or illness can affect anyone, often without warning. Being proactive in appointing an Attorney may save you and your family unnecessary anguish and financial difficulty in the future. If you are based in Queensland, New South Wales or Victoria Shine Lawyers can assist you with preparing the necessary documentation to appoint an Attorney to appoint someone to manage your financial affairs and/or personal health matters if you are unable to do so yourself, or even if you still have mental capacity but you wish to authorise someone to handle your financial affairs.
How Shine Lawyers can help you
We are experts in Wills and Estate Law who can assist you in preparing or updating your Will to ensure your loved ones are provided for in accordance with your wishes. To find out more, and to begin the process of preparing or updating your Will, contact us today.