A Will is a legal document that sets out how your ‘estate’ assets are to be divided after your death.
Under the Will, an ‘Executor’ is appointed who will look after your ‘estate’.
The executor must:
- Collect all your ‘estate’ assets.
- Pay all your debts.
- Distribute your ‘estate’ in accordance with your will.
A Will does not come into legal effect until after you die, so it is important that you think carefully about your options before preparing your Will.
Please Note: An example of ‘non-estate’ assets includes any jointly held assets, assets held within trusts and any superannuation and/or life insurance policy, you may have. These are not necessarily dealt with by the terms of your Will, and are treated separately when distributing your ‘non-estate’ assets.
Please see our website article on ‘Estate Planning’ for more information.