Commins Hendricks SolicitorsCommins Hendricks Solicitors
1800 643 779

Essential Considerations for Will Preparation

Creating a Will represents an important legal responsibility in a person’s lifetime, appointing an Executor to oversee affairs after death and setting out who is entitled to the Will maker’s assets. Dying without a Will, known as dying “intestate,” means an Estate is distributed in accordance with a set formula, potentially conflicting with personal wishes and incurring higher costs. Intestate estates may even default to government coffers in the absence of close relatives.

Many mistakenly believe that creating a Will is a task reserved for the elderly or those with significant assets. This is not the case.  Every adult, regardless of age or wealth, can benefit from having a Will. Even young adults should consider drafting a Will to ensure their wishes are carried out if their life is cut short.  From appointing guardians for minor children to outlining how an estate is to be distributed, creating a Will offers peace of mind at any stage of life.

Aside from appointing Executors and beneficiaries, a Will can address crucial matters like guardianship for minors, management of assets until children reach adulthood, burial wishes, and specific asset distribution instructions. Regular Will reviews, especially after significant life events like marriage, divorce, property transactions, or changes in relationships, ensure a Will reflects current circumstances.

A comprehensive Will must cover all assets, including land, shares, bank accounts, investments, life insurance policies, and personal effects.  Assets such as business interests held in companies, trusts and partnerships need special consideration to ensure a Will maker’s wishes are achieved.  Other assets, like superannuation and certain insurance policies, may fall outside the scope of Will altogether and require implementation of separate arrangements.

While homemade Will kits exist, a Will professionally drafted by a Solicitor minimizes errors and ensures it complies with all legal requirements.  Errors in the drafting or the form of a Will may lead to prolonged estate administration and legal battles; the costs of which far outweigh the initial cost of professional assistance.  Thoughtful planning and professional guidance can help navigate the complexities of drafting a Will, ensuring it accurately reflects a Will maker’s intentions while safeguarding their assets for the future. 

Our team at Commins Hendriks understands the importance of crafting a Will that accurately reflects your wishes and safeguards your assets. We offer professional assistance in navigating the complexities of Will preparation, ensuring your document complies with legal requirements and addresses your unique needs. Whether you’re considering your first Will or updating an existing one, our experienced solicitors are committed to guiding you through the process with care and expertise.

The advice provided above is general in nature and should not be taken as formal legal advice.