Securing Your Legacy: The Critical Importance of Having a Will
A will is a legal document stating what you want to happen to your assets when you die. It forms part of your estate plan.
Your will is the only thing that ensures your assets are distributed to the people you want to receive them.
Your will can cover things like:
- how you want your assets shared
- who will look after your children if they’re still young, or any other dependents you may have
- any testamentary trusts you want to set up
- how much money you’d like to give to charities
- plans for your funeral
When writing your will, you must have ‘testamentary capacity’. This means that you know and understand the legal effect of your will and are not inhibited from making rational decisions due to mental illness or impairment.
Why do you need a will?
A will is your chance to provide for your loved ones after your death, state your plans for your funeral and appoint an executor that you know and trust to enact these wishes for you.
If you die without a will, the Succession Act will decide how your assets are distributed. Not having a will also add additional burdens which may include incurring additional costs that must be covered by your estate, putting your family through the task of trying to find a will, and making them prove who they are and that they are entitled to your estate.
Without a will, the court will appoint a trustee executor to distribute your remaining assets according to a strict, pre-determined legal formula and could exclude loved ones you wished to provide for.
Making a legally binding will and keeping it up to date avoids the division of your assets being left to a stranger to an act that is inflexible and which knows nothing about you or your loved ones.
If you are leaving out certain people who may otherwise have a claim to your estate, you’ll need help documenting your wishes in a way which can be evidenced in court.
Updating your will
It’s important to update your will as your situation changes — for example, if you:
- get married
- divorce or separate
- have children or grandchildren
- have a significant financial change
- lose your spouse (or someone else who is named in your will) through death
- your beneficiaries have financial problems
To be a valid will, it must be both:
- in writing, either handwritten or typed
- dated and signed in front of two independent, witnesses who are not beneficiaries.
If you have used a DIY will kit in the past, we can check it for you. We can make sure it’s valid and is properly signed and dated.
Let Farrell Goode help you ensure your hard earned assets are distributed exactly how you would like.
Contact us on (02) 6977 1155 or send us an enquiry TODAY.
Our Main Services
- Property Law and conveyancing including buying and selling property and businesses
- Business and commercial law including leases
- Family law including divorce, children’s matters and property settlements
- Wills, deceased estates and powers of attorney
- Criminal law including driving offences
Contact Us
Farrell Goode has offices across the Riverina including;
