Why should I make a Will? Won't everything I own go to my family regardless?

Not necessarily. If you want to ensure that your wishes as to the distribution of your property are carried out after your death, you need to make a Will, and update it whenever your situation changes (e.g. if you buy additional property, if you get married or divorced, have children, etc.).

Your Will serves several purposes. It allows you to name one or more executors and/or trustees to administer your estate and distribute your property to the beneficiaries. It lets you decide and control when and how your assets are to be distributed, and to whom. It will determine the age at which any minor beneficiary will receive a gift, and it allows you make provisions for minor children. And it can minimise the cost of administering your estate, and help to reduce or postpone tax liabilities arising at death. More importantly, it makes it easier for your family and loved ones to deal with these matters following your death.

If you die intestate, i.e. without a Will, this can cause a great deal of expense to your estate, further grief for your family, and can result in your estate being distributed in a manner that may not be according to your wishes. Each state and territory has specific legislation and regulations dealing with the distribution of the estate where there is an intestacy.

I made a Will when I was single, but I have recently gotten married. Is my old Will still valid?

No - getting married will revoke your Will unless the Will specifically states that it is made in contemplation of marriage and identifies your future spouse. Getting divorced also revokes any portion of the Will naming your former spouse, either as a beneficiary or as an executor.

What is a codicil to a Will?

A codicil is an addition to a Will that is intended to make a slight variation to the Will, without revoking it and without the need for making a complete new Will. Since it is part of the Will, the codicil must meet all the same formal requirements of a Will. Thus, a codicil must be witnessed by two witnesses in the presence of the testator when executed.



The foregoing summary is provided for information purposes only and is not to be considered legal or business advice. The information may not be complete, accurate or applicable for any particular situation and should not be relied upon.