Wills

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A Will is a legal document that provides guidance for your loved ones regarding the distribution of your estate and who will assist in completing the distribution (Executors). It can also cover certain gifts made to loved ones, who looks after any children and anything else you think is important for your Executors to know.

It is important that your loved ones have clear instructions on how you would like your Estate divided up. This will reduce the potential for people contesting the Estate and make the process of administering the Estate easier on your Executors. An Estate distribution with a Will is much more likely to have less legal expenses than an Estate without a Will.

1. Do I need a Will?
2. What happens if I don’t have a Will?
3. What about if I have nothing to give people?
4. Do I need a new Will if I get married?
5. How long does it take to get a Will?
6. What is an executor?
7. What are beneficiaries?
8. Who should I contact to help me?
1. Do I need a Will?

Losing a loved one is never easy although having a Will can make the process of dividing assets and making decisions a little easier. Having a Will is also one of the best ways to reduce claims being made on your Estate.

2. What happens if I don’t have a Will?

The Estate of a person who passes away without a Will (intestate) will be divided up according to legislation. This gives the deceased no say in who gets what and how much. It also increases the likelihood of a claim being brought forward by a disgruntled family member, spouse or possible child of the deceased who believes they deserve the Estate.

3. What about if I have nothing to give people?

Most people underestimate what they have or don’t realise that their superannuation, death benefits or life insurance can form part of their Estate and therefore needs to be distributed accordingly.  A Will also covers much more than just the distribution of assets, it also covers who makes decisions about your Estate and who looks after your children.

4. Do I need a new Will if I get married?

Yes. Any major changes to your life require changes to your Will. This includes but is not limited to getting married, having kids or a death to someone nominated in your current will. It is always best to ask LawRep if an update is required.

5. How long does it take to get a Will?

LawRep has developed a system to have a comprehensive Will created in less than 15 minutes. Other law firms with outdated slow procedures end up passing the extra time cost on to the consumer meaning the calibre of these Wills could cost upwards of $3,000.00 anywhere else due to the detail and level of expertise required. The LawRep difference is in the systems that mean you don’t end up paying overs.

6. What is an executor?

An Executor of a Will is responsible for carrying out the wishes of a person after they pass away. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The executor of an estate must comply with various laws and rules that govern the administration of deceased estates.

7. What are beneficiaries?

The beneficiary of a will is any person who is listed on the will as being entitled to receive a defined portion of the deceased person’s assets or income.

8. Who should I contact to help me?

For assistance in this area, please call (02) 4044 5495 and ask for Chad Penfold our Estate Planning Lawyer or feel free to email him at Chad@LawRep.com.au

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