Wills & Estate Planning

A Will is a legal document that sets out how you want your assets to be distributed after you die. It is recommended that anyone over the age of 18 should have a Will. It means that you can be assured that your estate is divided in the way you have chosen. To make a Will you need to have the mental capacity to know:

Who is in your family
What assets you own
How you want to distribute your assets.

A court-authorised or statutory Will can be made in the case where a person no longer has mental capacity.

Will drafting is the process of writing up your Will. A Will can give you a sense of certainty that your family will be taken care of when you die. A will in effect is your succession plan. It helps you divide up your estate to ensure that your assets are being distributed in the way you intended. Your estate can include things such money in a bank account, properties, a business, jewellery, and even precious art.

Estate planning is more that drafting up a Will. It is the establishment of a successful plan that involves all members of your family. Estate Planning is a process of looking at all aspects of your life including your assets, the protection of your assets, your family relationships, who might have a claim to your estate and an assessment of the likely taxation on your estate. It is a comprehensive assessment of your estate and helps you develop an estate plan that protects the future of your family. Estate planning is an evolving process that needs to be updated as circumstances in your life change. This includes things such as:

Marriage or divorce
A change to the family's asset pool
A change in working conditions such as the buying or selling of a business
Changes to superannuation, insurance policies or taxation levels
The establishment of testamentary trusts

There are no formal requirements on who can draft a Will; however, it is imperative it is signed and witnessed properly, as the executors may have difficulty applying for Probate if the will does not comply with the legislative requirements. In addition to this, it is important that the Will is formally executed, so that the document is recognised as being a Will by the court.

PW Lawyers can help you:

Draft a Will to comply with legal requirements.
Ensure your Will is formally executed.
Estate planning to ensure the protection of your family.

Any information on this website is general in nature and should not be taken as personal legal advice. We recommend that you speak to a lawyer about your personal circumstances.