The death of a family member or a close friend can be very stressful and unless the testamentary wishes of the deceased are clearly enunciated in a Will, then that death can also have disastrous financial effects on the family.

A Will should be reviewed whenever parties enter into a relationship, or a relationship is terminated, or whenever children are born and/or when (substantial) assets are acquired – so that you can arrange for an optimum distribution of your assets – should a disaster or accident happen “tomorrow”!

Planning for the effect of a death in the family are matters which should be considered NOW!

You should also always consider these issues before any substantial asset is acquired, to ensure that it is purchased in the correct name and in the best structure available for effective succession planning.

Remember: If you have no Will then there is a very good chance that the Government will receive what you have to leave!

Everyone should consider and be aware of:

• what is a Will
• what a Will must deal with
• who can challenge  a Will
• what are the formal requirements to comprise a Will
• what happens if there is no Will
• why make a Will
• what is the effect of marriage, separation and/or divorce
• when does a Will take effect?
• what is an Executor (and who is the best person(s) to do that role)
• what is a Trust
  • a Trust must have five (5) essential elements being:
  • the “Settlor”;
  • the “Trustee”;
  • the “assets” or “property” of the Trust;
  • the “beneficiaries”; and
  • the “Parent/Appointor/Nominator”.
• who/what is a Trustee
• who will  look after infant children if parents die
• how is a Will revoked
• what is a “family constitution”
• are there still any death taxes
• what is a Grant of Probate
• what is or are Letters of Administration
• what are the benefits of a “testamentary trust”

You should also consider whether you or a member of your family needs:

• an Enduring Power of Attorney
• an Appointment of Enduring Guardian
• a Medical Power of Attorney
• Guardianship Orders; or
• Financial Management Orders.
  

Download - Making a Will

Download - Powers of Attorney, Enduring Powers of Attorney, & Appointments of Enduring Guardianship

Download - Duties of Executor

Download - Personal Property Security Reform

Download - Superannuation Brochure