Everything You Need to Know About Wills

For most of us what happens to our estate and assets after we pass away is not something we give a great deal of thought to. However, you should consider that the failure to have a binding Will could mean that your assets (which comprise the entirety of your life’s work) could be dealt with outside of your wishes by a formula imposed by law.

What is a Will?

A Will is a legal document which sets out who will receive your property and possessions when you die.

When you have a valid Will, you give yourself the best chance of making sure your assets go where you want them to. So you should always make a will if you have a family or if other people are financially dependent on you.

Who should make a Will?

Everyone over the age of 18 should make a Will, regardless of economic status.

What makes a Will valid?

The key requirements for a valid Will are:

• It must be in writing
• It must be signed by the testator
• The testator must be of sound mind, memory and understanding
• The signature must be witnessed by two people – neither of which can be a beneficiary or the spouse of the testator
• Both witnesses must sign the will in the presence of the testator and each other

But even where you have met these requirements, your assets can not be distributed immediately. The court needs to grant probate first. A grant of probate is a legal document that authorises your executor to manage your estate in accordance with your Will.

What can override a Will?

If you have made a binding nomination in your superannuation fund or your insurance policies, the beneficiaries named in those policies will override anyone mentioned in your Will. If you have a family trust, the trust continues and its assets will be distributed according to the trust deed, no matter what is written in your Will.

The costs of having the Will prepared by a lawyer is a relatively inexpensive and it is a quick process that pails into complete insignificance to the costs that we could leave to our family and loved ones should a dispute arise in respect of our assets in the absence of a binding Will.

If you would like your Will to be drafted, Straits Lawyers are now offering online Will services. To access these services, simply click on the link – https://straits-lawyers.square.site/product/online-will-/1?cs=true

Alternatively, if you would like to enquire more about your rights and options, simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an online interview.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.