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WILLS & ESTATES
WHAT DO I NEED TO THINK ABOUT TO GET READY TO MAKE A WILL?
Before seeing a solicitor to prepare your will you should provide:
a. your full name, address and occupation and if you have used or have property in names with some alternate spellings ,those details
b. a list of your assets (things you own) and liabilities (items or money you owe to others)
c. details of your family and/or proposed beneficiaries with full names and addresses
d. names of your executor/executrix (the person who will manage your estate after your death), their relationship to you (if any) and address and preferably a second or alternate executor
e. if you have infant children, full names and relationship of the guardians you would wish to care for the children in the event of your death
f. a list of any specific bequests/legacies
g. the general provisions you wish to include in your will
h. the names of the persons who will benefit from your estate if the general beneficiaries fail to live longer than you
i. whether there is a need for special provisions where a spendthrift or handicapped person is a beneficiary
j. whether there is a need for provision of children of a deceased child/beneficiary
k. whether there is a need for steps/or provisions to pre-empt or minimise risk of a Testators Family Maintenance Act (Family Provision Act) application where a person who felt they were entitled to benefit from your estate feels they have been left out or inadequately provided for
l. whether a blended family is involved
m. whether there is a business that you operate that you would wish your executors to continue to operate
n. whether there is a need to consider/discuss a testamentary trust (whether recommended by financial advisors or not) to take advantage of the more favourable rate of taxation that then applies for infant children.
o. whether your spouse/partner has made a will and whether there is a need to consider this
p. If you wish to benefit a charity, then its full name, address and the designation of the officer who could provide a valid receipt is needed
q. If you have property outside Australia, you can make a will dealing only with the property inside Australia and a separate will dealing with property elsewhere
r. Any special provision whether dealing with funeral arrangements or what is to happen to your mortal remains or other matters where you might wish to make some non-binding declaration of your wishes
At the same time as making a will, you should also consider making or up-dating an Enduring Power of Attorney. Call us today on 6257 9995 for advice about your will.