Wills:

A will is a legal document that states a person's ("the testator") testamentary intentions for their assets upon their death. A will usually has the following format: 

 Revokes all prior wills executed by the testator; 

• Appoints an executor to manage the distribution of the testator's estate upon their death.  
• Appoints a trustee to hold assets of the estate on trust in anticipation of their distribution. The trustee and executor will usually be the same person; 
• Sets out any specific gifts the testator wishes to make; 
• Specifies who the remainder of the estate is to pass to once all liabilities have been paid and the specific gifts have been distributed; 
• Details the powers of an executor and trustee under the will. 

 In many Post Offices and Newsagencies, "Do-It-Yourself Will Kits” are available for sale. Whilst many consider this to be a more cost efficient way of preparing a will, we would strongly recommend that you obtain legal advice and have your will professionally drafted for the following reasons:  

• Family provision claims allow for some classes of people to make a claim against an estate.
  • You should obtain legal advice on whether you are at a higher risk of a claim being made and if so, you should prepare evidence of your testamentary intentions in anticipation of such a claim being brought.
  • This evidence will then be considered by the Court when determining whether to accept a family provision claim; 
  • A will in its entirety or in part may be deemed invalid  upon certain life events such as marriage, and your will should be updated upon these events;
  • A will should be consistent with any other legal documents pertaining to your assets, for example a binding financial agreement or other contract, and this is something best achieved by obtaining legal advice from the outset; 
  • If you intend to make a gift to a charity, there may be additional regulations or guidelines as to how this gift is to be provided for in your will;
  • Certain property cannot be provided for under a will and alternative arrangements may be necessary;
  • There is a risk to naming specific items in your will and this can be further explained by your solicitor; 
  • There are strict requirements as to the execution of the will and a failure to comply will most likely result in your will being declared invalid; 
  • If your testamentary intentions are unclear, inconsistent or incomplete, then there is a risk that your will may be declared invalid; 
  • If your will is declared invalid, this will make it more difficult, costly and time consuming for your executor to obtain a grant of probate and attend to the distribution of your estate.  

If you require assistance in obtaining a will, you may wish to contact our firm and arrange an appointment to see one of our Aged Care & Elder Law Solicitors. Please call us on (02) 9233 4048 or send an email to info@navado.com.au. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.