It is important whether you have a significant estate or a small nest egg, that you have a Will which appoints who you wish to administer your estate and who you wish to receive it. You should also give consideration to your superannuation benefits and how you wish those to be dealt with in the event of your death.

In the event of your death and you do not have a Will, your estate will be dealt with ‘intestate’ and pursuant to the provisions of the Succession Act. This means you will not have any control over how your estate is dealt with and who receives the benefit of your life’s earnings.

If you have a Will, your Executors and the Court are able to administer your estate as per your wishes. In the event of any family provision claims, the Court will also have your Will as evidence of your testamentary wishes. A will provides you with as much certainty as possible as to how your assets will be dealt after you death.

Wills can also have provisions for specific gifts, in the event you wish to leave specific items to family or friends. This may be for example, artwork, jewellery and sentimental items.

Finally Wills can include you wishes as to how you wish for your body to be dealt with. This can offer certainty to your loved ones in a hard and emotional time.

It is important you regularly review your Will to ensure it reflects your circumstances and your wishes. At Holmes Donnelly & Co we encourage Wills to be drafted with significant longevity, however, you should ensure you revisit your Will in the event your circumstances change significantly, particularly after a separation or marriage.