Wills – a living legal document
Your will is a legal document that sets out how you want your assets to be distributed on your death.
If you do not leave a will your estate will be distributed according to a formula set out in legislation. In some circumstances, the result of dying without a will can be disastrous for your family or loved ones. Having a solicitor prepare your will ensures your assets will be distributed according to your wishes.
Wills, however, are not static documents. They change and evolve as your own circumstances change and evolve. Revise your will at least every five years or when a significant event such as marriage, the birth of a child, or the death of a family member takes place.
Even if you haven’t changed your will, certain events such as marriage and divorce will still affect it. For example:
- a will made prior to a marriage is not valid;
- separation (but not divorce) from a spouse will not affect the will;
- any gifts to your spouse or their appointment as executor will be automatically revoked on divorce; and
- it may also be necessary to appoint a guardian for your children after their birth or to review your appointed executor.
Your solicitor can give you an unbiased and objective opinion on how you should go about disposing of your estate. Consulting a solicitor ensures your will is properly drawn, signed and witnessed. Your solicitor can also discuss the more complicated issues of:
- who should be your executor and what powers they should have;
- selecting a guardian for your children and how your estate can provide for their future financial needs;
- which assets you can dispose of in your will and which assets you cannot, such as those owned by a family discretionary trust;
- minimising capital gains tax liability;
- what liabilities you need to provide for in your will and whether your life insurance is adequate in the circumstances;
- who could make a claim against the estate and how to avoid a testator’s family maintenance claim?;
- options for providing for a de facto spouse, second marriages and blended families;
- the appropriate age for beneficiaries who are minors to take control of their share of the estate;
- funeral arrangements;
- where to keep your will, who should know where it is kept, and in what circumstances it should be reviewed; and
- the uses and benefits of appointing a power of attorney.
More information
Wills and Estates, information brochure. Available from the LIV or ask your solicitor.
From the LIV Bookshop
Wills & Estate planning, Renton, $29.95
Useful websites
LIV website, www.liv.asn.au/public/legalinfo/wills/wills-Wills
Disclaimer:
The information in this newsletter is not intended to be a complete statement of the law relating to the issues raised. Accordingly, no person should rely on this information without first obtaining specific advice from Ms Eleanor Coates of Kenna Teasdale Lawyers, Melbourne. | 
