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Questions & Answers about making a Will in Australia
What is a Will?A Will is just a document in which you say two basic things:
Do you really need a Will?If you die without a Will it may cause problems for your family, or it may not. It depends on what assets you have, and the way you own them. If you own assets jointly with another person, they still belong to the other joint owner when you die, so you don't need a Will to dispose of them. However, assets in your own name have to be transferred to someone else, and if you want any say in who gets them you need to make a Will. When you die, your executor takes your Will to the Probate Office, which gives them an official "probate" certificate that authorises them to transfer ownership of your assets to your beneficiaries. (That probate application process is referred to as "proving a Will"). What if I die without a Will?If you don't leave a Will, the Government does not "get the lot" as some people believe. Your assets go to your next-of-kin according to rules given in government legislation. In Victoria for instance your spouse gets the first $100,000 plus one third of the balance, and the children get the rest. The rapid increase in real estate prices in recent years means that your spouse's entitlement does not even cover the family home, so in extreme cases children could force a spouse to sell the house to give them their share. In August 2004 we proposed (unsuccessfully) to a Supreme Court committee that the $100,000 limit be dropped to provide security for the spouse. Dying without a Will also means you do not get to name an "executor" to look after things for you, so "the system" appoints an "administrator" instead. Your next of kin have the right to apply to be administrator and they can do so in a certain order. Your spouse has the first right to apply, followed by your children, parents and brothers and sisters. If there is a Will but no executor, the estate still goes to the beneficiaries named in the Will, but one of the beneficiaries in your Will arranges things (since there is no executor). The beneficiary applies for "Letters of Administration with the Will annexed" instead of Probate. Making a Will keeps everything simple and definite, and everyone should do it because it is so easy to do. Seven simple steps to make a WillThere are only seven simple steps in making a Will, of which the most important are:
Where to store your WillWills are not registered anywhere, so you can keep them wherever you like. Some people keep them in banks, or in their own house. You can also keep them at the Probate Office for a "one off' fee of around $20. Challenges to your WillVictoria made big changes to Wills legislation on 20 July 1998, so that people for whom you had a "responsibility to make provision" can ask the Court to change your Will. Challenges usually come from children who were left out, and cases so far do not give claimants an easy ride. It is often suggested that if you want to cut someone out of your Will you should include your reasons in the Will. Further changes to Victorian legislation in 2001 allow "domestic partners" to claim (including "same-gender" domestic partners). Three important "Will Hints"
Your Power of Attorney goes with youPowers of attorney become invalid on the death of the person who gave the power. Organ or Tissue DonationLinks to information about organ or tissue donation in Australia
17 November 2008 |
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