will and will kit faqs - legal123.com.au

Will Kit

What is a Will?

• Legal document stating how you want your assets distributed after your death– To provide for your family, dependents and

friends

• Anyone Over 18 is qualified to make a Will– Or Under 18 and married– Or has Court Order to make a Will

• A Will must be in writing– Signed in the presence of 2 ‘independent’

witnesses– Dated at time of signing and witnessing– Made of own free will, without pressure

from anyone

When do I need a Will?

• Just married (marriage revokes any previous Will)

• Just divorced (divorce does not revoke a Will)

• In a Defacto relationship

• Have children

• Bought/obtained a significant asset (e.g. house)

• Starting a business

Why do I need a Will?

• To protect your assets (‘Estate’)

• To decide who receives your assets (‘Beneficiaries’)

• To decide who distributes your assets (‘Executor’)

• To reduce stress on family members of dying without a Will (‘Intestate’)

• To reduce fees and possible taxes

What happens if I die without a Will?

• Legal procedures for dealing with your assets are more complicated, time-consuming, costly and stressful to family members

• Well-established set of laws decides who distributes and how your assets are divided– This may not match your wishes

• Your ‘Estate’ may be subject to additional taxes and fees for administering your ‘Estate’

How do I make a Will?

• Clearly identify yourself• Revoke all earlier Wills• State your chosen Executor(s)• Identify your property/assets and state

recipients– Note: Assets jointly owned automatically go

to the surviving Spouse• Specify any special gifts• Sign your Will and have it witnessed

correctly• Keep your will safe• Ensure your Executor(s) knows where your

Will is

Why would I make my own Will?

• You understand it better

• You can divide your assets as you desire

• You can amend as required and re-execute

• Your own time & in the comfort of your own home

• You save money

Watch out for “Free” Wills

• “Free” Wills are often offered by ‘Trustee’ companies

• Charge fees of 5% or more for administering your ‘Estate’ upon your death

• The fees may be even more depending on the size of your ‘Estate’ and individual State legislation

• There’s no such thing as a “free lunch”!

• Write your own Will and appoint your own ‘Executor’

More Information?

• Go to our website: www.Legal123.com.au– Click Will Kit link– More FAQs and articles on Wills and our Will

Kit

• Purchase and download the easy-to-use Template– Easy to download, with no registration

required– Easy to understand, written in plain English– Easy to complete, with online video

instructions