Planning for the future can feel daunting, but it's crucial for protecting your loved ones and ensuring your wishes are respected. A well-crafted Will is the cornerstone of this plan. Here are some frequently asked questions about Wills planning.
Do I need a solicitor to write my Will?
While it's technically possible to write your own Will or use a DIY kit, we strongly advise against it. Wills are governed by complex legal requirements, and even small errors can invalidate your document. A solicitor specialising in Wills and Estates can ensure your Will is legally sound and tailored to your specific circumstances, providing peace of mind.
Can I exclude someone from my Will?
Yes, you can choose to exclude someone from your Will. However, it's essential to seek legal counsel before doing so. Excluding a close family member, such as a child, can increase the risk of your Will being contested, potentially leading to lengthy and costly legal battles. A solicitor can advise you on the best way to approach this situation and minimise the potential for disputes.
How can I change my Will?
Life is full of changes, and your Will should reflect these. There are several ways to update your Will:
Codicil: A codicil is a separate legal document used to make minor amendments to your existing Will.
Revocation: You can revoke your entire Will, effectively cancelling it.
Revocation and Renew: This involves revoking your current Will and creating a new one.
How often should I review my Will?
Regularly reviewing your Will is crucial to ensure it accurately reflects your current wishes. We recommend reviewing it at least every five years, or sooner if any of the following significant life events occur:
Changes to your assets (e.g., buying or selling property)
Death of a beneficiary, executor, or guardian
Significant changes in your financial situation
Changes in your family structure (marriage, divorce, birth or adoption of children, blended families)
Lifestyle changes (e.g., retirement)
New business arrangements that could impact your finances
Where should I keep my Will?
The original copy of your Will is essential for probate (the legal process of validating a Will). It's vital that your executor knows where to find it. You can store your Will in a safe place at home or choose to have it stored securely by your solicitor.
What is an Executor?
An executor is the person (or people) you appoint to manage your estate after your death. Their responsibilities include:
Identifying and valuing your assets
Paying debts and taxes
Distributing your assets to your beneficiaries according to your Will
Choosing an executor is an important decision. Select someone you trust and who is willing to take on the responsibilities, as the role can be time-consuming. It's wise to discuss the role with your chosen executor beforehand. If your family dynamics are complex, consider appointing a neutral professional executor to minimize potential disputes.
If you need to make a new will or update an existing one, contact our experienced team at MCW Law for assistance. Call us on (02) 9589 6666 or email mcw@mcwlaw.com.au
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