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Wills - road test

Carolyn Batt | August 7 2000 | The Age (subscribe)

A will is a formal written set of instructions explaining what you want done with your property after your death. People who receive part of your estate are beneficiaries

Who should make a will?

Make a will if you: are in a de facto relationship and want your partner to inherit part of your estate; want to make special gifts to people, whether or not they are part of your family; want to leave part of your estate to people or organisations outside the family, such as charities, clubs or schools; or made a will long ago, or your circumstances have changed (e.g. you have married or had children) since you made your will.

What happens if I don't have one?

Your assets will be distributed among your family or extended family. The order of distribution will depend on whether you are married. If you have no spouse or relatives, the government may inherit your estate.

How can I make a will?

Your solicitor can draw up your will. Kits can be bought from groups such as community legal centres. You can make a will yourself but homemade wills can cause problems if they are not clear. You may also prefer to seek advice on the tax consequences.

What is a "valid" will?

Your will must be signed and witnessed. If your will is not properly executed, it may not be enforceable. You may leave your property and possessions to anyone, but if you do not make proper provision for your spouse and children, they may challenge the will.

What is the role of an executor?

The executor is the person who will handle your affairs after your death. It may be your spouse, a relative, your lawyer or someone else you trust. Any fees charged by the executor will be taken out of your estate. More than one executor may be appointed. You should first confirm a person is willing to take on the role.

What will affect my will?

Marriage can change provisions in your will. Likewise, divorce may change how it relates to your former spouse. If you deliberately destroy your will, it will be revoked. You may alter your will at any time but should do so in a separate document - either a codicil, which amends the will, or a new will.

Where should I keep my will?

You should keep the will, and a copy, in separate safe places or with solicitors or trustee companies.

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