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Where there’s a will, there’s a way 
There are a number of reasons for making a will. Most importantly, it allows you to decide who should get your property and possessions after you die, and in what proportions. You can also use your will to structure your gift, or place conditions on it, make tax savings, give property to charity or certain political parties, state your personal wishes, for example to be buried in a certain place and appoint certain persons to manage your property or take care of your minor children.
You can do none of this if you die without a valid will. In this case, the law will dictate who gets your assets, and in what proportion. You may not like the outcome. Your assets will normally be divided between some of your relatives, depending on how close they are to you. For example, a spouse has priority over all others. But, they may share some of your property with your children. If you have no blood relatives, your property will go to the Crown. A will is normally only valid if: (i) you were at least 18 years old when you made it;
No-one who receives a gift under a will (or who is married to such a person) should be a witness. If they are, they cannot take the gift. Furthermore, certain actions invalidate a will. This includes marriage and the intentional burning or tearing up of the document. Passing on property Generally speaking, you can leave your property under a will to whomever you want, in whatever way you want. Having said that, certain property will not pass under your will. This includes: (i) property which you own as a ‘joint tenant’ with someone else;
In addition, certain persons can apply to the court for a ‘reasonable’ share of your property, if they got nothing or very little. If the court agrees with their claim, it will change your will (or the legal division of your property, if you died without a will). When making a will, you should consider appointing persons to manage the distribution of your property (executors). If you have a minor child or children, you should consider appointing a person to look after them (a guardian). If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |