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WILLS & ESTATES
WHY SHOULD I MAKE A WILL?
By making a will you are choosing your executor who is the person who will carry out your wishes after your death. Failure to make a will has consequences because control of your estate may pass to others and that may not be what you would wish.
If you own real estate or other personal items worth more than $25,000, monies on deposit or insurance policies over a given sum, application will be made to the Supreme Court by your executor to provide a Grant of Probate where you have a will or Grant of Letters of Administration where you have no will in order to deal with your assets. If your assets are of a lesser value then production of a valid will can facilitate dealings with less formal requirements and save expense for those who will benefit from your will. Where you leave no will then the statute law sets out who is entitled to your assets, which may not be what you would wish.
If you were to meet with a fatal accident and you havenít made a will to provide for your children, the question of who will look after them and make payment on their behalf while they are still infants will arise. Provision for children both in terms of guardians and payments during infancy, especially the question of testamentary trusts, are important estate planning matters that are best dealt with when you are alive.
Issues can also arise when drafting a will that is designed to avoid the litigation that can occur where a person may feel aggrieved either by being left out of a will or being given a share they consider inadequate. The cost of such litigation generally would come out of the estate. Blended families can give rise to decisions that at times can be difficult.
Use of a service that provides a free will needs to be balanced by the cost to your estate of commission expenses that can be substantially more than legal costs. You need to ask such services questions about the amount of real costs involved. If a solicitor drafts your will, no question of commission arises.
Nicholas Dibb Solicitors has a Senior Solicitor specialising in wills and estates who has over 40 years experience in this area. For prompt attention, call us today on 6257 9995 or 1300 136 386.