Each State and Territory has slightly different legal Acts and Regulations.
As the laws are slightly different within each State and Territory, we suggest that you should conduct further online research by first consulting some of the links provided in our Useful Links – Preparing a Will section of this website.
We have included a few important considerations as follows:
- Given the need for the ‘legal construction’ of the Will document, whether you prepare one yourself or use one of the many on-line Will making kits available today, it would be wise to have it reviewed by an experienced legal professional/solicitor.
- Choose the ‘Executor’ wisely – he/she should be a trustworthy, responsible person who is likely to outlive you – a younger adult person.
- Discuss your plans with your family, especially as to who is to receive what gifts, heirlooms, assets etc. A lack of discussion beforehand my simply result in entitlement arguments at a later date.
- Be precise. Instead of identifying heirs by name alone, include details such as their birth date, address and relationship to you.
- State where your assets will go if heirs and beneficiaries prove unavailable, unable or unwilling to claim their inheritance. For instance, the beneficiary might “predecease” you – what should happen then?
- Regularly update or even rewrite your Will, reviewing it upon ‘life’ changes such as the birth or adoption of a child, divorce or retirement. Revision may also be necessary when you open a new bank account, take out a new life insurance policy, buy a car or move house etc.
- Keep abreast of additions/changes to your State’s inheritance rules, for example De-facto spouses etc.
- When excluding someone from your Will, make it explicit. For example, if you want to disinherit a person, write: “I do not leave anything for ‘………’, my son. This is an intentional decision on my part.”
- Keep all your important documents, including your Will, in a safe place and tell a close contact, and/or your solicitor, of the location. This will save a great deal of anxiety and needless searching after your death.
