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Planning for your family’s future when you're gone is a must.
If you take the time now to make an effective legally binding Will you can save your family not only stress and potential conflict but money in what will undoubtedly be a difficult time for them.
We can help with:
When considering your Will we strongly recommend that you also put in place plans for any future incapacity through Power of Attorney and Guardianship documents. This will ensure that if you somehow become unable to make decisions about your finances, your medical treatment or living arrangements, then the person or persons who you trust to make these decisions can do so unhindered.
Please reach us at info@mdlg.com.au for further advice.
You should make a Will so you have a say in how your estate is distributed when you pass.
Without a Will, your estate will be distributed according to the laws of intestacy, which may not be something you want.
It is also important to make a Will if you have family or people who are financially dependent on you.
Do-it-yourself Will kits may not be completed correctly which may mean that your gifts do not pass to their intended beneficiaries. This also leaves your Will open to contest which can mean significant litigation costs and heartache to your intended beneficiaries.
Anyone over the age of 18 can make a will, or anyone under 18 who is married or contemplating marriage provided they have testamentary capacity.
Your executor is your legally appointed representative who is responsible for administering your estate after you pass away.
Your executor needs to locate your last Will, they need to dispose of your body, notify government agencies of your passing.
If appropriate, they apply to the Court for Probate and distribute your estate.
An executor can also be a beneficiary.
Your executor/s must be over the age of 18 years, of sound mind, and not be a disclosed bankrupt. It is advisable to appoint someone you trust and is capable of making sound financial decisions on behalf of your estate.
You should also consider whether you would like to appoint one person or more than one person. You can dictate whether these Executors are to act jointly and severally (i.e. together on all decision) or in the alternative (i.e. the secondary Executor acts if the Primary Executor can no longer act in that capacity).
Anyone over the age of 18 years who has assets in their name should have a valid Will in place.
It depends on your assets. If your assets are immoveable, like real estate, they are ordinarily not covered by your Australian Will. If your assets are moveable, like a motor vehicle, jewellery, or cash, they should be covered under your Australian Will.
Yes, your updated last Will and Testament will revoke all previous Wills. It is important to update your Will whenever you have a change in your legal, financial or general life circumstances.
You can appoint someone to be the Testamentary Guardian of your minor children in your Will but if you are separated, the biological parents desire to care for their child supersedes your desire to appoint a Testamentary Guardian.
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