A beneficiary under your will is a party that may receive a benefit under your will. This may be an individual, organisation or company. Many people falsely believe that since the laws of intestacy provide for statutory rules of distribution to your ‘next of kin’ there is no requirement to make a will to protect beneficiary entitlements.
You may wish to seek legal advice from a Wills and Estates Lawyers to have regard to your matter and consider who you wish to include in your list of beneficiaries and who you wish to exclude. Many issues might potentially arise, for instance you may consider a certain person your ‘next of kin’ however they might not be considered so under the law and might be excluded from the distribution of your estate. In addition, in our day and age it is increasingly probable that a person may die in circumstances where there are no surviving next of kin.
It is potentially beneficial to include both primary beneficiaries and substitute beneficiaries in your will. A reason for a substitute beneficiary may be that there might be a scenario where a named beneficiary is unable to accept their bequest under the will. It is highly advisable that you consult a Wills and Estates Lawyer at one of our law firms who can consider your circumstances and may be able to assist you with drafting your will so that your beneficiaries are provided for in a manner to meet your goals and expectations.
Another consideration that may be relevant to ensure that beneficiary entitlements are properly provided for is the selection of executor/s. Your will might also require a provision for the retirement and appointment of alternative executor/s should the party/s you nominate be unable to assume the position of executor. If there are issues with executor/s, for instance the surviving spouse is unsuitable or unable to assume the position due to health reasons, the Court could potentially intervene to appoint an executor. In this situation, there might be delay, inconvenience and expense incurred. A qualified Wills and Estates attorney may be able to review your situation and minimise any risks involved with this regard.
Furthermore, it is potentially necessary to clothe the executor with additional or more appropriate powers than those provided by law to enable the proper administration of your estate. For example, you might want your executor to be able to invest or use capital and income to provide for your children. Proper legal advice in respect of Wills and Estates might protect the proper provision of your estate for your beneficiaries as the trustees have been granted the powers to do all the your require of them.
Lastly, there may be a scenario where your children are beneficiaries under your will, and you also require a guardian to be appointed to provide for them. A Wills and Estates Lawyer may be able to review your circumstances and properly draft a will so that your beneficiaries, if they include minor children, are provided for in the manner that you see fit.
If you require legal advice on your wills and estate planning matter, you may book an appointment with us by telephone 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.
Sorry, but no Articles are available at this time.
Sorry, but no FAQs are available at this time.
If you require assistance with a Wills matter, you should make an appointment to see one of our Lawyers in one of the following locations:
- Sydney