SO WHY DO YOU NEED A WILL? Everybody should have one. If you don't, it means that you have no say in how the assets you have spent all your life accumulating, are distributed after you die. In the absence of this document, your assets, which become your Estate, will be distributed in accordance with the legislative provisions for intestacy. If there is no person who fits within the category, then, it could go to the Government. Do you really want the Government to get everything you worked for? It is important that when you prepare this document, that you ensure, it is properly prepared, and signed and witnessed. Click, to read about how to ensure your Will is signed, to make it legally valid. If it isn't, it is not the end of the world. However, it could mean that money may have to be spent, that normally would not have been spent, to have a document recognized by the Court as your Last Will and Testament. This means less money for your beneficiaries. Click to read about the terms used, and other considerations when preparing it. SO WHAT DOES THE COURT HAVE TO DO WITH IT? When someone dies, they have assets. These assets are usually made up of the following: Household furnishings, Motor vehicles, Money in the bank, and other financial institutions, Shares in public and private companies, Life insurance policies, Real property, such as land or houses,and Superannuation. There can be other assets, but the ones above, are the more common types. Once someone dies, with some exceptions, these assets are locked up. No-one can deal with them! To deal with these assets, a personal legal representative who is known as the Trustee, has to be appointed. The only way for such a person to be appointed, is for Probate to be granted. This can only be applied for through the Supreme Court, by the Executor named in your Will. This person then becomes the Trustee. The Trustee is then responsible for distributing your assets, in accordance with the terms of your written wishes. Click, if you would like to learn more about probate. SO WHAT HAPPENS IF YOU DON'T HAVE ONE? Someone, a relative, or someone else in a relationship with you, or even the Public Trustee, if there is no-one else, has to apply to the Supreme Court for Letters of Administration of your Estate. This is just a fancy way of saying they are your Personal Legal Representative. They then end up with the same powers as a properly appointed Executor. However, they will most likely have spent more money to get to this stage. This means there is less to divide amongst the beneficiaries. So, if you don't have one, someone still ends up getting what you have spent your life working for. You have no control over who gets your estate. It is strictly distributed in accordance with the legislation. Click to discover the definitions used and the sections following which detail how an intestate estate is distributed. By preparing a properly signed Will, you go a long way to ensuring, that when you die, that the people you really want your assets to go to, actually get them! You can prepare it yourself, and have it properly signed. However, there are real advantages in having your family solicitor prepare it for you, especially if there special things, you want to happen, to your assets, after you die. Contact:
Phone 02-4332 1055 Fax 02-4333 5144 email: legal@drakegroup.com.au
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