A will ensures that your assets and property go to the people that you choose after you die. If you die without a will (this is called intestate) your assets and property can end up passing to people you might not have intended. Unfortunately you can’t ask someone what their wishes were after they have gone so it is important for a will to be drafted in a clear and precise way by a professional with experience in drafting wills.
What is a will?
A will is the document that specifies what you want to happen to your stuff if you die. It can also provide directions regarding your funeral, burial or cremation as well as specifying any guardians of your children. It is a legally binding document so it is important to make sure you get it right.
Do I need a lawyer to prepare my will?
Using an experienced lawyer to draft your will ensures that your wishes are correctly recorded and binding.
While it isn’t a legal requirement for a lawyer or professional to prepare a will for you it is recommended. This is because there are formal requirements for wills to be valid and you need to ensure your wishes are clearly recorded.
What do I need to think about when considering a will?
There are a number of essential and some optional points to consider for your will:
Funeral Directions: You should consider if you have any requests for your funeral or body when you die. This can be as simple as requesting that you are buried or cremated or could include detailed instructions regarding your funeral and what you want to happen to your body. You can also include if you want to be a donor or if you would like to donate your whole body to medical science.
Executors: You will need to appoint at least on executor under your will (but it can be more than one). The executor is the person who is legally responsible for administering your estate. You should choose people who you think will be suitable for the role. The appointed executors will usually be guided by the estates lawyer.
Guardians: You should consider if you want to appoint anyone to be the legal guardian of your children.
Specific Gifts: Any specific items you would like to leave to people can be specified in your will.
The remainder of your estate: You should consider who you want to leave everything else to. This is going to be dependent on your individual circumstances but commonly this will be to spouses and/or to children.
The above points are a general summary of initial points to consider but there can be others that should be considered depending on your individual circumstances.
Can I change my will?
Yes you can revoke or amend your will at any time. If you just need to make minor changes then you would prepare a codicil, which is the legal name for the document that makes changes to an existing will. The codicil specifies the amendments to your existing will and both documents (original will and codicil) are read together. If you need to make major changes then a whole new will can be prepared to replace your existing will.
What happens if I die and don’t have a will?
If you die without a will it is called dying intestate. The Administration Act 1969 specifies who gets your property and in what share. It also means that there will be a more difficult and more expensive process for your loved ones to go through to administer your estate.
What happens to my will when I die
The first thing to do is to check the will for any funeral or other directions that need to be acted on immediately. Once the funeral is complete your family will get in touch with the lawyer who holds the original will. The lawyer can help your family with the estate administration which will include applying to the High Court for grant of probate. Once probate has been granted the executors can begin the process of administering the estate which involves selling the assets and then making distributions in accordance with the will.
If you don't have a will get in touch with Samson Legal today. We can help you record your wishes to ensure that your property goes to the correct people.
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