Everybody needs to have a will. Nobody wants to die expectedly or unexpectedly, leaving behind family disputes. There are three important documents that you should consider having in respect of your assets, finances, and lifestyle.
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We take instructions online to prepare a draft will or you can see a Lawyer in our Fremantle Office.
We recommend that all adults should make a Will. It is particularly important to make a Will if you have significant assets, have children, or an extended family.
A Will is a document that clearly sets out how a person wants their assets to be divided up, and who is to receive them. It also nominates a person to be the legal representative of an estate and manage its administration.
If you have a child under 18, you can also nominate a person to be the guardian of your child in the event that you pass away before they turn 18.
If you pass away without a Will, your estate will be distributed in accordance with the Administration Act 1903 (WA). Having a Will means that you can choose how your estate is distributed and nominate beneficiaries to receive part or all of your estate. You will also be able to choose who is responsible for managing your estate.
Having a Will can save your loved ones time, money and stress after you pass away, as not having a Will can cause various complexities, particularly in the event that there is a dispute amongst entitled beneficiaries as to how your estate should be managed, and who should manage it.
It is important to review your estate planning every few years as major life events can impact the validity of your will. For example, if you have an existing Will, and you become married or are divorced, your Will may no longer be valid.
You can appoint a person of your choice to make financial and property decisions on your behalf if you lose legal capacity, become ill, have an accident, are away from the State or country, or for any other reason. This person is known as your attorney and can make decisions in relation to your property and finances so long as it is in your best interest.
You can also appoint a person of your choice to make important personal lifestyle and treatment decisions on your behalf should you ever become incapable of making such decisions yourself. This person is known as an enduring guardian. An enduring guardian cannot be authorised to make property or financial decisions on your behalf.
These three documents can only be executed by a person over the age of 18, who has full legal capacity. ‘Full legal capacity’ means that the person must be able to understand the nature and effect of the document they are completing and the nature and extent of their estate.
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