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Why have a Will? If you do not have a Will then there is strict Legislation which provides for the distribution of your Estate. Usually everything will pass to the immediate next of kin, but the formula does not easily recognise defacto spouses, step children, close friends etc who might otherwise normally expect to benefit from your Estate. If you make a Will then you have the opportunity of making the decision as to whom your assets will pass. Also you can choose the executor who will have the responsibility of ensuring that your wishes are carried out. In many cases the main beneficiary is the ideal person to be appointed as the executor. The executor does not have to have professional qualifications. A large dose of common sense and an ability to seek out information from the right sources will make people suitable to be an executor. Clearly you should have no doubt that the executor will act in an honest manner. The types of people that might be appropriate are:
There are many ways to address this topic but careful consideration needs to be given to the assets involved and to the circumstances of the intended beneficiary. Quite often specific legal advice is extremely helpful in making decisions about your assets. Where the major beneficiary is in receipt of social security benefits or is bankrupt, or has special needs, care should be given as to whether or not the assets should be given to that person outright or some other type of arrangement considered. While a lot of Wills will tend to forward in standard situations, there will be many times that very special requirements are called for in the Will. For example there may be a need to create a Testamentary Discretionary Trust which will provide flexibility and give protection and taxation benefits to beneficiaries. Sometimes it will be necessary to create a complex provision to ensure that the beneficiaries are adequately protected. Wills can be challenged on two grounds :
Why have a lawyer prepare your Will?
There are many issues that can be relevant in making your Will. Only a lawyer with experience in this area can give you the best possible advice. If you buy a form from a newsagents or buy a "Will Kit" you are tackling a very important issue and you are relying upon your own skill and knowledge. Unfortunately, if you make a mistake, it is unlikely that the mistake will be discovered until after you have died and this tends to cause a considerable amount of distress to the people that you wish to benefit from your Will. The costs of making a Will can vary but will start from $165 for a basic Will. A 25% discount applies to the holders of seniors cards or a health care benefits card. For more information about wills, please contact RUSSELL ROBERTSON.
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