What is a Will?
A Will is a document signed in the presence of two witnesses and which the Supreme Court recognises as your wishes regarding the distribution of your assets after you have died. A valid Will can be made when you are 18 years of age.
Your assets can include money, property, shares, insurance policies, furniture, paintings, personal effects etc. All the assets of a deceased person are described as their ‘estate’. The people who benefit from your Will are your ‘beneficiaries’.
Who can help me make a Will?
You can make a Will without any legal help, but you will need to know all the legal requirements to make a valid Will and also the correct wording to minimise the risk of a challenge to your Will. A do-it-yourself Will Kit is not recommended.
Solicitors and Trustee Companies can assist you with making a Will. Whether you use a solicitor or a trustee company is your decision. Using a solicitor or a trustee company to assist with arranging your Will can make things so much easier. They can also give advice on minimising tax depending on the way your Will is arranged. This is especially important when you are considering making a bequest to a not-for-profit organisation such as the MS Society of Western Australia. This solves the problem of keeping your Will in a safe place.
Why do I need a Will?
By making a valid Will, it ensures that your assets will be left to the people you love and care for, together with those you wish to help.
If you do not have a valid Will, the court determines that you have died ‘intestate’. It then appoints an administrator who distributes your assets according to a specific legal formula.
Remember to keep your will up
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