Making a Will

The first two things to note when making a Will is that your superannuation (if you have any) may not form part of your estate to be distributed in accordance with the Will. It is often the case when you start paying superannuation, that you are asked to nominate a beneficiary who is to receive the proceeds of the fund should you pass away. If a beneficiary has been nominated, then the money held in that superannuation fund would not form part of your estate.

Secondly, if two people own land as joint tenants, which is usually the case for a married couple, then the surviving spouse will own the land outright because it automatically transfers upon death.

These two areas are important if the Husband and Wife separate. For example, if a Husband nominates his Wife as a beneficiary under a superannuation policy and didn't change it after separation, on his death, the Wife would be entitled to receive the proceeds of the fund even though they have separated.

When seeing a Solicitor to have a Will drafted, it is advisable that you take as much information as possible with you to the interview to assist with and ensure that all details contained within the Will are accurate. This includes your previous Will, list of assets and liabilities, full details of family members and, in particular, full names of all children, their ages, their marital status and state of health.

For more information contact us.