Trusts, Wills & Estates

WHY YOU SHOULD HAVE A WILL

Home made wills are a curse. Occasionally where the assets of a testator are limited and where the beneficiaries are not in dispute no difficulties may arise in the administration of an estate. Flaws in the will can be glossed over and the interests of all parties can be reconciled. But where, as here, the estate of the deceased is substantial, the will is opaque and there is no agreement among the beneficiaries, the inevitable result is an expensive legal battle which is unlikely to satisfy everyone. All of this could have been avoided if the testator had consulted a lawyer and signed off on a will which reflected his wishes. There is no question but that engaging the services of a properly qualified and experienced lawyer to draft a will is money well spent. - Gray -v- Gray [2013] WASC 387, [1] (Sanderson M).

 

If you do not have a Will your assets will be distributed according to the Administration Act (WA). Under the Administration Act (WA) your assets are distributed to your closest living relatives in prescribed shares.

A Will allows you to dictate how your assets are to be distributed upon your death. Ordinarily, your Will directs that your partner and children will receive the assets of your estate. However you may not want a relative to receive a part of your estate.

A Will, unlike the Administration Act (WA), allows you to leave assets to non-relatives, charities and organisations.

Benefits of a Will
Having a Will allows you to protect assets, provide for persons with special needs, minimise tax and have a greater say on how your estate will be distributed.

Spouses / De Facto Partners
It is a mistake to believe that in the event of your death your spouse or de-facto partner will automatically receive your estate. In the case of real property owned as joint tenants then your spouse or de-factor partner will receive your estate. However, under the Administration Act (WA), your spouse or de-facto partner will only be entitled to a percentage of the assets of your estate (subject to whether you have children and other family members). The remainder will be distributed to children, parents and possibly siblings of the deceased.

If your spouse or de-facto partner has a special disability or special needs this will not be taken into consideration.

Disadvantages of a Post Office Will Kit?
There have been decades of litigation in relation to interpretation of Statute, Contract and Wills. Unless a Will is carefully drafted and all assets are accounted for there is a higher likelihood that this type of Will could be challenged.