Things you should know about writing a Will

Things you should know about writing a Will

July 15, 2018

Most people think of a Will as being a legal document instructing how your assets should be distributed after you die. While that is true, a Will also allows you to nominate a guardian for your dependents, ensure your treasured possessions such as family heirlooms go to the right person, make charitable donations or bequests on your behalf, and even provide instructions around your funeral arrangements.

A Will might not be something you like to think about, but it’s an important document that you should consider. Especially if:

  • You have gotten married
  • You have recently had children or are about to
  • You have bought a home or other asset
  • You have recently become separate or divorced

While it’s not necessary to go to a lawyer to arrange a Will, there are some reasons why you should consider a lawyer rather than a free DIY Will pack or even a Will that you write up yourself. Each state and territory in Australia has different laws around Wills which can make your Will invalid. Another reason is that life changes. What might seem straight forward at the time might end up being a complicated situation when the time comes for the instructions in your Will to be carried out.

A free Will may end up costing you a lot!

Another consideration is that some free Wills make you nominate their company or an affiliate as a trustee or an executor. If this is the case, along with fees, they often take a percentage of your assets, in some cases as much as 5%.

Need an experienced and professional lawyer to help you draft a Will?

If you die without having made a legal Will (called ‘intestate’), proceedings to distribute your assets get complicated and time consuming. In intestate cases, a government appointed State Trustee is responsible for distributing your assets following a strict formula according to the relevant legislation. You should also know that there is a substantial fee charged to the estate, if a State Trustee handles the matter.

I, Nicholas Radich have been a practising lawyer on the Gold Coast for more than 30 years. As a highly experienced lawyer I can offer you efficient, cost-effective, and practical legal advice in Corporate Law, Property Law, Mediation, and Will and Estate Law.

You can call me on 0412 763 602 between the hours of 8:30am and 5:30pm Monday to Friday for a confidential, free, and no obligation chat about your existing Will or about drafting a new one.