How will I receive my Will Kit?
All the Will Kits and guides are provided in a digital format, you will receive printable and editable forms. You will get access to all documents immediately on this website and via email.
What will I need to create my Will?
You will need to appoint an executor, who will be tasked with fulfilling the instructions you leave behind, and advise them of their role. You will also need two (2) witnesses over the age of 18 to sign to verify that your Will was signed by you without pressure and sound of mind. The executor may also be a beneficiary, but witnesses should not be named beneficiaries in your Will.
Is this Will Kit enough?
It is always better to have an up to date Will that appoints an executor and says what you want done with your assets, than to have no Will at all. For most Australians a Will Kit such as the one provided in this packet is adequate. For some though, it is prudent to utilise professional legal and accounting services to ensure your assets are distributed in the most economical and tax efficient manner. This may be the case for:
- Those who have their assets tied up in complex trusts.
- Those who have “melded families” following divorce.
- Those who are partners in ongoing businesses.
- Those who operate a self managed super fund.
What is a Power of Attorney?
A Power of Attorney is a legal document where you appoint a person of your choice to manage your assets and financial affairs if you are unable to do so due to illness, an accident or your absence.
Do I need both a Will and a Power of Attorney, or is a Will enough?
The Will and Power of Attorney serve different purposes:
- A Will only comes into effect upon your death to dictate how your estate is distributed.
- The Power of Attorney grants power to an individual or group to manage your affairs while you are still alive, but unable to manage them yourself due to illness, accident or absence.
Do you need a Will?You will need a Will if you want any say in what happens to your assets when you pass away. If you die without a Will your assets are distributed according to rules set out in State legislation. Often the formula used to distribute assets is not how you would have wished. For example, spouses are not always adequately protected. Young people need a Will as well. Although most think they have “nothing to leave”, young people over the age of 18 are at the very least now in the possession of any compulsory superannuation earned.
How long will it take to create my Will?
The time it takes to create your Will depends on the complexity of your estate, your family arrangements and number of beneficiaries. if you have a partner and wish to leave 100% of your estate to them it will be simple and take minutes. If you have more beneficiaries (children, other family members, friends, and so on) and if you have a number of gifts to list, and other information to include, it will take longer. Our accompanying guide will help you complete the Will step-by-step.
Do I need a solicitor to create a Will?
There are no formal requirements for your will to be created by a solicitor. Any person in Australia can create their own will, subject to some simple requirements which are covered in detail in our Will Kit and the accompanying guide on ‘How to Create Your Will’.
What is the difference between ‘general’ and ‘enduring’ power of attorney?
A General Power of Attorney is only valid as long as the principal is capable of acting for him or herself and is normally created with specific purpose in mind (managing finances or performing real estate transactions for example). If the principal becomes mentally incompetent (loses capacity), the general Power of Attorney ends.
An Enduring Power of Attorney remains valid even if the principal later becomes mentally incompetent. The principal must be competent at the time an enduring Power of Attorney is made.
In either case, the Power of Attorney becomes invalid when the principal dies. A Power of Attorney cannot be used to bequeath property upon the death of the principal.
More questions? Contact us:
903 / 50 CLARENCE STREET , SYDNEY NSW 2000 ,