Writing a Will: What You Need to Know

last will and testament

Have you reviewed your Estate assets recently?

We encourage our clients to make a Will to ensure that your loved ones are taken care of in the manner that you wish.

 

Why do I need a Will?

A Will is a legal document that sets out how you would like your assets distributed when you die. You can also nominate guardians for your infant children; establish a trust for your children and to set out provision for their education and maintenance before they turn 18 years of age, set out your burial wishes, give money to your favourite charity and much more.

Who should make a Will and when?

Any person over the age of 18 years old and who has capacity may make a Will. Changes that occur over your lifetime may require you to alter your Will, such as:

  • Marriage
  • Separation or divorce
  • Death of a spouse or partner
  • Birth of a child or grandchild
  • Commencing a de facto relationship
  • Adding or deleting beneficiaries
  • Changes to your assets

 

What is involved in making a Will?

writing a will

To make a Will, you need to appoint an Executor of your Estate who can finalise the wishes under your Will when you pass away. We recommend appointing two Executors. You will also need to decide on who will benefit under your Will, these are the Beneficiaries.

 

What if I die without a Will?

The Succession Act 1981 sets out the Laws of Intestacy. This means the Succession Act 1981 sets out the rules for distributing your assets. If you die without a Will in place, your assets may not be distributed to your Beneficiaries in the manner you would have decided. Dying without a Will may cause financial stress to your loved ones and/or arguments with the Beneficiaries of your Estate.

 

Enduring Power of Attorney

An Enduring Power of Attorney will cater for those unexpected events in our life.
We encourage our clients to make an Enduring Power of Attorney at the same time their Will is prepared.

 

What is an Enduring Power of Attorney (EPOA)?

An EPOA is a legal document that appoints an Attorney to manage your financial and/or health affairs, particularly when you no longer have the capacity to do so.

The EPOA can come into effect immediately, or upon you losing the capacity to manage your own affairs, or for other reasons which can be discussed at the time of preparing the document.

When can I make an Enduring Power of Attorney (EPOA)?

You must be 18 years of age or older and capable of making your own personal and financial decisions.

You need to be able to:

  • Understand the nature and effect of a decision
  • Freely and voluntarily make those decisions; and
  • Communicate the decisions in some way.

 

What duties does an Attorney perform for financial matters?

An appointed Power of Attorney is able to pay your bills, manage your investments and prepare your tax returns.

 

Is the Attorney accountable?

Yes, they can be accountable for their actions if they mismanage your affairs negligently or deliberately.

Our Legal Team Are Experienced In Deceased Estates and Trust Administration

We work with the Executor to gather all the appropriate information to ensure that funeral expenses are paid urgently, liaising with Banks, Insurance Companies, Superannuation Funds, obtain details of all assets, obtain Probate and transmission applications (where necessary), lodge final tax returns for the Estate, and any issues relating to the distribution of the Estate.
We ensure that the management of the Estate is undertaken efficiently and effectively in finalising all aspects of the Estate and reducing the stress on beneficiaries.

We have undertaken very difficult Estate administration with beneficiaries all over the world.

We work with the Executor of the Estate to:

  • Gather all the appropriate information to ensure that funeral expenses are paid urgently
  • Liaise with banks, insurance companies, superannuation funds to obtain details of all assets and liabilities
  • Obtain probate and transmission applications where necessary
  • Lodge final tax returns for the Estate; and
  • Assist with any issues relating to the distribution of the Estate.

We understand how quickly life can change. We draft Wills that contemplate those changes, such as the birth of children and/or grandchildren, therefore reducing the necessity for you to change or update your Will regularly.

Losing a loved one is an emotionally stressful and difficult time. At White Jordin Lawyers, we have the knowledge and expertise to ensure that the terms set out in your loved one’s Will are carried out. Contact us today for free, no obligation advice.

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White Jordin Lawyers
White Jordin Lawyers value fairness, integrity and justice. They believe that all people have the right to access the legal system and to have their cases heard.