WHY YOU SHOULD HAVE A WILL
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made wills are a curse. Occasionally where the assets of a testator are limited
and where the beneficiaries are not in dispute no difficulties may arise in the
administration of an estate. Flaws in the will can be glossed over and the
interests of all parties can be reconciled. But where, as here, the estate of
the deceased is substantial, the will is opaque and there is no agreement among
the beneficiaries, the inevitable result is an expensive legal battle which is
unlikely to satisfy everyone. All of this could have been avoided if the
testator had consulted a lawyer and signed off on a will which reflected his
wishes. There is no question but that engaging the services of a properly
qualified and experienced lawyer to draft a will is money well spent.
- Gray -v- Gray [2013] WASC 387, [1] (Sanderson M).
If you do not have a Will your assets will be distributed
according to the Administration Act (WA). Under the Administration Act (WA)
your assets are distributed to your closest living relatives in prescribed
shares.
A Will allows you to dictate how your assets are
to be distributed upon your death. Ordinarily, your Will directs that your
partner and children will receive the assets of your estate. However you may
not want a relative to receive a part of your estate.
A Will, unlike the Administration Act (WA),
allows you to leave assets to non-relatives, charities and organisations.
Benefits of a Will
Having a Will allows you to protect assets,
provide for persons with special needs, minimise tax and have a greater say on
how your estate will be distributed.
Spouses / De Facto Partners
It is a mistake to believe that in the event of
your death your spouse or de-facto partner will automatically receive your
estate. In the case of real property owned as joint tenants then your spouse or
de-factor partner will receive your estate. However, under the Administration
Act (WA), your spouse or de-facto partner will only be entitled to a percentage
of the assets of your estate (subject to whether you have children and other
family members). The remainder will be distributed to children, parents and
possibly siblings of the deceased.
If your spouse or de-facto partner has a special
disability or special needs this will not be taken into consideration.
Disadvantages of a Post Office Will Kit?
There have been decades of litigation in
relation to interpretation of Statute, Contract and Wills. Unless a Will is
carefully drafted and all assets are accounted for there is a higher likelihood
that this type of Will could be challenged.