Making a Will

Having a valid Will in place will ensure that when you die your estate will be distributed amongst your loved ones in line with your wishes.

If you don't have a Will, your estate is managed by a person called an administrator. The administrator may be a family member but often a government Trustee will be appointed to administer your estate.

Without a Will, legislation will dictate how your assets will be distributed after your death and even who will look after your children, if they are still minors.

A Will can also be used to appoint a guardian to look after your children until they are old enough to look after themselves.

Having a Will gives you the opportunity to nominate an executor, that is, the person who will take charge of your affairs after your death.

There are also certain times in your life when it is particularly important to make a Will if you do not already have one, or revise your existing one, such as:

• Marriage – as marriage revokes any pre-existing Will
• Separation
• Divorce – Divorce does not automatically revoke an existing Will
• If you are in a defacto relationship
• If a person named in your Will dies or becomes incapacitated
• Purchase of a significant asset (such as a house)
• If you get involved in a new business
• If you change your mind about one of the beneficiaries

Copies of Will

Last Will and Testament - Husbannd and Wife - simple

Will - Husband and Wife, Children and Testamentary Trust - more complex

Information on Wills

Red Cross Will Checklist

Making a Will - the Age September 30, 2004

Enduring Power of Attorney

An Enduring Power of Attorney gives you the power to choose a relative or friend to manage your lifestyle and financial affairs should you become incapacitated or if you develop a decision taking disability.

If you take this step while you are competent to do so, it will mean that you decide:

• who will make decisions on your behalf;
• what decisions they will make;
• who will manage your finances; and
• how your finances will be managed