What is a Will?
Your Will is probably one of the most important legal documents you will ever sign. Your Will states what you want to happen to your assets after your death. With proper Estate Planning advice, we will ensure that the right assets go to the right people at the right time.
A Will also appoints somebody (known as your Executor and Trustee) to carry out your wishes as contained within your Will.
In order for your Will to be a valid Will, it must be in writing and signed by you in the presence of two adult witnesses who must also be present when you signed the Will. It is important that a beneficiary named in the Will (or their spouse) must not be a witness.
If you do not follow these specific requirements then you risk your Will being invalid.
When Should You Update/Create a Will?
Whether it be your first Will or it is time to update your Will, we recommend you review your Will every 2 to 3 years or whenever a major event occurs in your family. For example:
- You have married or divorced since making your last Will;
- A beneficiary named in your Will has died;
- If one or all of your Executors have died or are otherwise unable to act;
- You have had a child or children since making your last Will;
- You have entered into a De-facto Relationship;
- Your assets have increased or decreased significantly since making your last Will;
- You wish to leave a specific asset to a specific person; or
- You wish to appoint a guardian of your children.
What happens if I do not make a Will?
If a person dies without making a Will (or makes an invalid Will) they are known to die intestate. The ramifications of dying intestate can be very time consuming and stressful for your loved ones and, are usually legally very expensive. This can be avoided by preparing even the very simple of Wills.
If you would like for us to prepare your Will then please download our Estate Planning Checklist.
Contact OMB's Wills and Estates team today!
Will & Estate News
See attached news articles by OMB for more information and recent developments in this area of law: