Wills and Estates

A Will represents your wishes as to who gets your property or how the property is managed when you pass away.   The following are some basic terms used in most Wills:

• Testator – A Testator is a person who is leaving the property in a Will.  Sometimes a Testator is also known as a Will Maker.
• Beneficiary – A person or people that you nominate to receive some or all your property when you pass away.  They are called a beneficiary as they will have the benefit of the property or trust provided for in the Will.
• Executor – After a person passes away, an Executor is a person who is responsible for finding and calling in all the property in the Will such as money in bank accounts, furniture, cars, houses etc.  An Executor can be a family member, close friend, an acquaintance or a lawyer.  Your Executor should be trustworthy, capable and willing to manage your Estate.  An Executor will need to be able to interact with the beneficiaries.  If you don’t believe you know anyone who can be your Executor contact us to determine if our estate lawyers can be the Executor of your Will.  Having the right Executor to manage your affairs is another step to giving you peace of mind that your legacy is being handled according to your wishes.
• Trustee – After your property has been called in and collected by the Executor, the trustee then has the duty of distributing the property or managing the property.  Often the Executor and Trustee named in a Will are the same person but this is not always the case.

Wills can be a tricky and a lack of consideration of your circumstances or understanding of the laws that govern a Will could lead to difficulties for your Estate, beneficiaries and family members.  Here are some special circumstances that you may need to consider:

• If you own a house, land or property with other people as joint tenants or joint proprietors you may not be able to give away this property in your Will.
• If you have personal property that was purchased jointly with someone else you may not be able to give away this property in your Will.
• If you have a business you may need to make special instruction in your Will.  If you do not, the Executor or Trustee may be forced to sell the business or face personal liability for any business losses.
• If you have superannuation, you should carefully consider if the superannuation can or should be passed through your Estate or if you should make a nomination.  Without managing your superannuation, it may go to an unintended recipient.  There are special laws for how your superannuation is distributed.  There are both tax and debt considerations in how you deal with your superannuation.
• If you have debts, the law has default rules as to how the debt is to be paid from your Estate which could disadvantage certain beneficiaries.

There are special rules that govern how a Will is to be drafted. If these rules are not followed it could lead to delays before the beneficiaries in your Will can receive the property or could lead to disputes or your Will being invalid.  Our estate lawyers can guide you through the process of planning for your estate and making a valid Will.  Our aim is to give you the peace of mind that your legacy will be a positive lasting memory for your loved ones.