Making a Will
A Will is a document expressing the final testamentary wishes of the testator (the Will maker), executed in accordance with the formalities required by the Succession Act 2006 (NSW) or for Victorian residents the Wills Act 1997 (VIC).
What do I need to consider before making a Will?
The issues which you need consider before making a Will includes the following:
- What are my assets and liabilities?
- Who should I appoint as my executor and trustee?
- Would I like to appoint more than one executor?
- Who am I considered to have an obligation to provide for?
- Who do I want to receive an interest from my deceased estate?
- What is to happen if a potential beneficiary dies before me?
- How are my liabilities to be paid?
- What powers are my executors and trustees to have?
- Are my funeral intentions to be expressed in the Will?
Quite often consideration of the above questions, lead to many other questions, such as if you would like to appoint more than one executor, what should happen in the event a dispute arises between the executors?
If you leave a gift to one of your children, and your child dies before you, themselves leaving a child or children and you would like your grandchildren to take the share, that your adult child would have received if they had survived you, at what age would you like your grandchildren to receive that gift?
What is the process of making the Will?
It is preferable that we meet with you in person to discuss your testamentary intentions. A lawyer from our firm is able to meet you at our office or at your home to discuss your testamentary intentions. Alternatively we can discuss your intentions over the phone and communicate with you by post and/or email.
After receiving your instructions, we shall provide you with a draft to consider by either email or post, and once you are satisfied that the Will accurately reflects your instructions, we shall arrange to meet with you so that the formal requirements regarding execution can be satisfied.
How much does it cost of prepare a Will?
The cost of a simple Will is $220.00 including GST for a single person
$330.00 including GST for a couple.