Will Your Money End Up In The Right Hands

Written on the 27 July 2015 by Janet Culpitt

Do you have a Will ? It's  an important part of your Financial Plan.

Your Will is a document which states your wishes on how your property and assets (your estate)

are to be distributed after your death.

Wills are not just for the rich or elderly, anyone with a car, savings or sentimental items should have a will.

Surprisingly it is estimated that only 48% of Australians have wills.

To make a Will you must be at least 18 years of age (unless you are under 18 years and married).

A Will can be made a in a number of ways: a will kit,  Public Trustee,  private trustee company over the internet or with your solicitor.

It's important to keep your will updated so that it reflects your current wishes and circumstances.

Here are some things to think about before you make your will:

1. Who to appoint as executors.  Executors control your assets after death, attend to all paperwork, make decisions and then distribute the gifts outlined in the will.
2. If you have children under the age of 18 years, who would you like to appoint as their guardian.
3. Who do you wish to give your assets to after death?  Also, consider who you would wish to benefit from your will if your immediate family does not survive you.
4. You will need to provide your full names (including middle names) and street addresses of people mentioned.
5. Have a list of assets including superannuation, life insurance, trusts and businesses. Asset information is relevant to ensure the people who you want to receive your assets do.  Some assets do not necessarily pass through your will, for example, superannuation and assets held in a company or trust.  You can take steps, as part of your estate planning, to ensure that your superannuation and life insurance is paid in accordance with your wishes.

Can your Will be disputed or challenged?

Possibly. E.g. In Queensland, a married spouse, de facto spouse, children and a financial dependent

can make a claim against a Will if they believe they were not provided for adequately by the Will.

You are able to make a claim against a Will for up to 6 months from the date of death.

A Will must be in writing and signed by the Will maker, in the presence of 2 witnesses, not named in the will,

who are present at the same time. The 2 witnesses must also sign the Will.

If the witnesses are beneficiaries of the Will, then any gift to them in the will is void.

The question you need to be asking yourself now is.  Do you have a Will and will your money go in the right hands, at  the right time?