Q: What is a Will and why do you need one?

A: A Will is a legal document that takes effect upon your death. It allows you to:

1. Appoint an executor to manage your estate.

2. Control how your assets are distributed by naming beneficiaries and specifying how (and when) they receive your assets.

3. Provide other instructions, such as guardians for minor children and funeral wishes.

A Will is particularly important if you:

• Are a parent
• Are in a same-sex or de facto relationship
• Have a blended family

Dying without a Will

Dying without a Will (dying “intestate”), means your estate will be distributed in accordance with the hierarchy set out in the Succession Act (SA). This may be very different to your wishes, particularly if you have a blended family or are in a de facto relationship.

Risks of dying intestate:

• You can’t choose your beneficiaries – meaning loved ones may miss out.
• Minor beneficiaries inherit at 18 years, even if you prefer an older age.
• You can’t name a guardian for minor children.
• Potentially higher taxes for your estate and beneficiaries.
• Increased legal costs – Administering an intestate estate can cost thousands.
• Public Trustee oversight – a reporting of your estate is required to ensure compliance with intestacy laws.

Dying intestate can create unnecessary stress, financial difficulties for your spouse and increase costs significantly.

Why have a professionally drafted Will?

• Your assets are properly identified and dealt with and your wishes correctly recorded.
• Tax saving strategies are considered/implemented.
• Potential claims against your estate are addressed.
• Your Will is validly executed.
• A properly drafted Will ensures your estate can be distributed as efficiently
  as possible.

Appointing a guardian for minor children

Choosing a guardian allows the following to be avoided:

• Your children being placed into care while a guardian is appointed.
• A guardian you wouldn’t have chosen or family disputes over who should act.
• Additional distress for your children at an already traumatic time.

A Will is a powerful legal document that, when properly drafted by a solicitor, ensures your estate is distributed according to your wishes and your loved ones are properly provided for with tax efficiency and protection from disputes in mind.

Without a Will, your assets will be distributed under intestacy laws, which may lead to unintended consequences, financial hardship, and unnecessary stress for your family.

Ultimately, a Will is the best way to provide you with peace of mind, take care of your family and secure their future in the event of your passing.

If you have any questions or concerns about your Estate Planning needs, contact the DBH Lawyers Wills and Estates Team on FREE CALL 1800 324 324.

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