1. What is a Will?
A Will is a legal document that clearly sets out how you want your assets to be distributed when you die.
2. Who should write a Will?
It’s recommended that everyone over 18 years has a Will.
3. Once I make a Will – is it set in stone?
No. In fact, it is important you review and update your Will every five years or so and especially when you’re making big changes in your life – like getting married or divorced, or if you’re living in a de facto or same sex relationship. Travel, having children, buying a house, owning a business and retiring are amongst many reasons you should make or review your Will.
4. What is an executor?
An executor is the person responsible for the administration of the Will and their role is to manage the estate within the terms of the Will and protect the assets of the estate. It is important to have an executor who understands the financial, taxation and legal implications. If there’s the added complication of a dispute, it’s particularly important to have an independent executor.
5. What is a beneficiary?
A beneficiary is a person named in the Will as a recipient of part or all of the estate.
6. What happens to my estate if I die without a Will?
If you die without a Will, you die intestate. This means, as you didn’t have a Will, no-one knows who you wanted as your beneficiaries and who you wanted as your executor. Your assets will then be divided up according to a pre-determined government formula with certain family members receiving a defined percentage of your estate despite what you may have wished. Currently, if you die intestate and have no surviving relatives closer than cousins, the State Government will receive your estate. However this will change with the introduction of the new intestacy laws where cousins may inherit.
7. Can I write my own Will?
Yes, but before you scribble down your wishes for your nearest and dearest on the back of an envelope, there are certain legal requirements to make it valid. A Will is a legal document, so it is advisable to see a professional to make sure your intentions are drafted in plain English and set out properly, that the document is legally valid, and that your wishes will be carried out as you wanted.
8. What does it cost to make a Will?
There is no charge to write your Will with NSW Trustee & Guardian as executor, and you can change it as many times as you like, particularly as your life circumstances change. Charges apply on estate administration only.
9. Who are the professionals that can help me write my Will?
NSW Trustee & Guardian, a trustee company or your family solicitor can help you write your Will.
10. What are the most common mistakes?
- Not keeping your Will up-to-date. Births, deaths, marriages, separations and divorce all impact on your Will.
- Not providing adequately for dependants may result in your Will being contested.
- Not taking tax implications into account. Tax implications may alter the value of your assets when they are sold off.
- Writing a ‘home-made’ Will may result in your Will being declared invalid if it was not signed or witnessed properly, or has ambiguous wording.
- Overlooking superannuation. How you want this dealt with is important.
- Not nominating guardian/s if you have children. If anything should happen to you and your children are under the age of 18, it may be left to the courts to decide who will look after them.
