|Wills and Testaments |
Wills and Testaments help you to carry out your wishes even after your death. This article contains information vis-à-vis Wills. It briefly explains legal wills and its contents and testament templates.
Wills and Testament
Will or Testament is a legal instrument whereby a person (testator) creates in order to make decisions on how his or her estate (which may include both personal and real property) will be managed and distributed after his or her death.
In the strictest sense, a "will" has historically been limited to real property while "testament" applies only to dispositions of personal property (thus giving rise to the popular title of the document as "Last Will and Testament"), though this distinction is seldom observed today.
Importance of Will
This is a bullet-point summary of reasons:-
• You choose your own executor to carry out your wishes
• You appoint a guardian for your minor children and children yet unborn (Especially for a mother to appoint a father who does not already have parental responsibility. For further information click here
• You decide who is to inherit your property and (sometimes) at what age
• You avoid an intestacy and rules which can send your property in unexpected directions (even to the government)
• A will can provide flexibility and cost control in administering your estate
• (Sometimes) opportunities to minimise inheritance tax
• Avoids much uncertainty and anxiety and drawn-out procedure for your family
• Enjoy peace of mind!
What happens if I die without a Will?
The law sets out clear rules for what happens to your estate - property, personal possessions and cash - if you die without a Will. Passing away without a Will is known in legal terms as dying intestate and the rules that govern the distribution of the estate in such circumstances is known as the law of intestacy.
Requirements for a Valid Will
For a Will to be valid:
• A Will must be in writing
• A Will must be signed by the testator.
• The testator must understand the consequences of their actions..
• There must be no undue influence, coercion or duress on the testator.
• A Will must be attested (signed) by two or more competent witnesses who actually saw the Testator sign the Will.
• Witnesses must sign the Will in the presence of the testator.
• The Testator must have the present intent to make a Will. This simply means that the testator is intending to make their Will at the time and not, for example, intending to simply draft a pretend Will to use as an example for some other purpose.
• Testator must be at least 18 years of age.
• The testator must be of sound mind and competent to make a
Although it will be legally valid even if it is not dated, it is advisable to ensure that the will also includes the date on which it is signed.
As soon as the will is signed and witnessed, it is complete.
What should be included in a Will
Before you write your will or consult a solicitor, it's a good idea to think about what you want included in your will. You should consider:
• how much money and what property and possessions you have
• who you want to benefit from your will
• who should look after any children under 18 years of age
• who is going to sort out your estate and carry out your wishes after your death - that is your executor
Who are Executors
Executors are the people who will be responsible for carrying out your wishes and for sorting out the estate. They will have to collect together all the assets of the estate, deal with all the paperwork and pay all the debts, taxes and funeral and administration costs out of money in the estate. They will need to pay out the gifts and transfer any property to beneficiaries.
Change of Circumstances
Here are some events that should nudge you toward making a new will and reviewing beneficiary designations you've made for insurance policies, bank accounts, and retirement accounts.
• You get married
• You are unmarried, but have a new partner
• You get divorced
• You bring a new baby into the family
• You have new stepchildren
• You acquire or dispose of substantial assets, such as a home
• You're married and move from a community property state to a common law property state, or vice versa
• You change your mind about who you want to inherit a significant portion of your property
How to change a Will
You may want to change your will because there has been a change of circumstances. You must not do this by amending the original will after it has been signed and witnessed. Any obvious alterations on the face of the will are assumed to have been made at a later date and so do not form parts of the original legally valid will.
Will and Testament Templates for Australia
Net Lawman’s Will and Testament templates are suitable for:
• a single person with no children
• a married person with no children
• an unmarried person living with their partner with no children
• a married person with children
• and many more situations
Our templates also include an option to leave gifts (of money or property) to other named persons and/or charities. These are designed for use in estates where inheritance tax advice is not required and where the legacies are straightforward.
Net Lawman’s Last Will and Testament Templates are suitable for use in all Australian states, and include the following provisions:
• Details of the testator
• Details of executors and trustees
• Specified gifts
• revocation of previous Wills
• granting of legacies
• granting of charitable legacies
• appointment of two executors (the people responsible for carrying out your instructions and distributing your property and possessions after you die)
• Basic funeral arrangements.
Our online wills forms have been drafted by expert team of Solicitors and Barristers who are expert in Australian legal will. These Will forms are regularly updated as per changes in Australian Law.
About Net Lawman
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accessible legal services to the World. We provides best collection of legal
documents in plain English on the Internet.
All Net Lawman documents are written in plain English, come with explanatory notes on best use and are updated from time-to-time as new law requires.
Net Lawman goal is to provide best quality, cost effective, easily accessible legal services to the World. We provides best collection of legal documents in plain English on the Internet.