There’s never been a time like the present to consider putting a valid Will in place to ensure that your hard-earned assets are distributed to your choice of beneficiaries upon your death. This is especially so in a legal climate where it is possible for a Court to make an order that your estate provide funds for the litigation when an eligible claimant makes a claim under the Family Provision Act 1982 to challenge your Will. Such an order has the ability to directly affect the timing of the receipt of assets and the value of assets to be received by other beneficiaries of your estate.
Further, if you die without a Will (referred to as dying “intestate”) then your assets will be divided according to the legislation applying in your state which may not be in accordance with your own personal wishes.
There are many and varied life circumstances and life changes that cause people to make their first Will or a new Will to revoke an old Will. Maybe you have assets interstate or overseas or in a business to consider. Or perhaps you have separated or divorced since you last signed your Will and you wish to change your beneficiaries. Maybe a beneficiary of your estate receives income from Centrelink and you need to provide for them in such a way as to minimise impacts on their Centrelink payments. These and other many and varied circumstances can be effectively managed through a properly drafted Will.
We have recently advised on the drafting of Wills which consider the following issues:
- The appointment of a partner of a business partnership as an executor with their role limited to the realisation of partnership assets;
- The payment of royalties to beneficiaries in relation to literary works following the death of the author;
- A blended family situation where it is the wish of the testator to benefit both a current spouse and children from an earlier marriage;
- The cancellation of a mortgage registered against the property of a beneficiary upon the death of both mortgagees.
If you wish to discuss a situation in your life that you wish to be reflected in the manner of the distribution of your estate, please contact us.
