The Importance of having a Will

A Will is a legal document that outlines who is to inherit your assets, property, and possessions when you pass away.

For example, a Will generally includes:

-          Details regarding who will receive your assets.

-          Details regarding who is to receive specific personal and heirloom items.

-          Your funeral arrangements.

-          Who you would like as a legal guardian for any children you have under 18 years old.

-          Details regarding who is to distribute the assets identified in your Will, i.e. an executor.

How do you prepare a will?

A Will should satisfy the following three elements to be valid:

1.       It must be in writing;

2.       It must be signed; and

3.       Your signature must be witnessed by two other people, not a party to the Will, who also need to sign the document.

It is a great idea to have your solicitor store your Will on your behalf and provide a certified copy for your own records. Likewise, it is important to ensure your Will is kept in a safe place and to let your executor know where you have stored it, as if you misplace or lose your Will, it does not have any legal effect.

Once your Will is created and valid, you are free to change it whenever and however you please to reflect any changed circumstances. However, should you not prepare a Will prior to passing away, a Judge or State Official will be tasked with delegating the assets of your Estate.  

Wainwright Legal are happy to help you

At Wainwright legal, we are more than happy to assist you in creating a Will. We can help to ensure your Will is written properly and validly executed, so that your Estate is administered as according to your personal wishes.

For any inquiries you may have, please do not hesitate to contact us on (02) 9170 0899 today!