The following are answers to some of the most often asked questions about creating a Will and/or serving as an Executor of a Will as asked by a number of clients.
What is a will?
Your Will is a written document signed by you that specifies who will be in charge of administering your estate (your Executor(s)) and who will receive your assets (your beneficiaries) after your death.
Why should I make a will?
Here are a few reasons:
- To declare your intention on how your estate will be allocated.
- To prevent costs, delays, and disputes for your family in administering your estate;
- The need to provide consideration for all relevant family members, particularly in blended families; and
- To lessen the likelihood of a dispute or ongoing issues.
Who can I appoint as my executor?
You may designate anybody you want to be your Executor, although you should take into account who you can trust to action your wishes.
It might be your husband, children, friends, siblings, sisters, accountant, or even your attorney. You can have many Executors, and the Executor can also be a beneficiary of your estate.
What does my Executor need to do to run my Estate?
Your Executor must identify all of your assets and obligations, acquire a Grant of Probate (if necessary), utilise your assets to pay off all of your debts, and distribute your estate in the manner specified in your Will. If your Will is challenged, your Executor has an obligation to defend it as per the state law applicable.
Who may I list as beneficiaries in my will?
You can designate anybody you wish as beneficiaries for your assets. This might be your spouse, children, grandchildren, friends, brothers and sisters, or a charity.
Can my child contest the Will if I left him or her $100 or nothing?
Yes. Children have the right to oppose wills. Not all relatives are eligible. Claimants have a limited time period in which to file their claim and must demonstrate that they are eligible to claim against your estate and require provision from it. This will vary depending on state law.
Why should I have a will if it can be contested?
Your Will is a written record of your intentions regarding who should get your assets after your death. No other document formally and legally recognises your objectives in the same manner as your will does.
A person who is not named as a beneficiary in a Will can only receive a benefit from the estate if all of the designated beneficiaries agree to it, or if a Judge issues a Court Order to that effect.
What if I marry after I have made my will?
Depending on your circumstances, your marriage may invalidate your Will, therefore you should seek legal advice.
What happens if I get divorced after making my Will?
Your divorce may render any gifts made to your former spouse, as well as any appointment of him or her as your Executor, null and void.
How much will a Will cost me?
This is determined by your situation and general circumstances, as well as what you want to declare in your Will and the goals you want it to achieve.
Some Wills are relatively simple, while others are extremely elaborate.
Solicitors will know what type of Will you need based on your specific circumstances and objectives. Following the initial discussion, they will provide you with a quote and these can vary if they include additional orders such as Power of Attorney requests, Guardianship orders or medical directives.
If you’d like to discuss more or need help with getting in touch with the right professionals, call us on (02)9188 1547 or email admin@rpwealthmanagement.com.au. Our offices are located in Oran Park, Baulkham Hills and several satellite office around Sydney if you require an appointment.
The information in this website and the links has been prepared for general information purposes only by our office and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax, personal or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances.
