In simple terms, a will helps to ensure that your family's needs are met according to your wishes, when you die. Aside from distributing your wealth and assets to family members, a will can also be designed to encompass a range of requests including:
- providing for children from a previous relationship
- providing for children with special needs
- excluding immediate family
- guardianship of your children
- assets that do not form part of your estate (such as family trust assets)
- how to best meet your charitable objectives.
When leaving a will, you must decide
- Who to appoint as your executor
- Who will receive your assets when you die
- How and when your assets will be distributed
An effective will should be designed according to your personal and financial circumstances and also take into account non-estate assets such as superannuation death benefits.
What happens if I don't have a will?
If you die without a will, therefore without an executor, the court will appoint an administrator. It can take months for this process to be completed and there is no guarantee that your dependants will receive what you may have intended.
To find out more about wills contact ANZ Trustees on 1800 011 047.
When should I review my will?
Your will should reflect your current circumstances and intentions. The following factors should be used as a prompt to determine when your will may need reviewing:
- marriage, separation or divorce, or entering into a new relationship
- birth or death of children, grandchildren or other close relatives, or other changes in your family circumstances
- significant changes to the value of your assets
- substantial changes to the manner in which you own assets, including the formation of a family trust or the establishment of a self managed superannuation fund
- if you enter into a new business or change your existing business structure
- changes in your residency status or of any of your intended beneficiaries
- retirement from full-time employment.
In recent years there have been significant and continuous changes to the taxation, superannuation and social security laws impacting upon wills and deceased estates. These changes emphasise the importance of regularly reviewing your will to ensure it continues to comply with your wishes.
To find out more about wills contact ANZ Trustees on 1800 011 047.
ANZ Trustees Limited (ABN 33 006 132 332) is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522). The information contained in this Summary is intended as an overview only. It should not be relied upon as a substitute for detailed professional advice.
