Frequently Asked Questions about Wills - Page 2

How often should I revise my will?

We encourage our clients to review their wills every three to five years. In particular it is important to check on who you have named as trustees, whether you have dealt with chattels under your will and whether you should increase or decrease monies left to beneficiaries. Special provision may be needed for business assets, guardianship of children, second family situations and de facto relationships.

What happens if I marry or get divorced?

If you remarry this automatically revokes your old will unless there was a special provision in that old will. If you are divorced then the provision made for your ex-spouse is void and your will is effective only for the other beneficiaries named in that will. If you are only separated then the entire will is effective, including provision for the separated spouse.

What is a living will?

You can have a document that has advance directives for medical decisions, for example, outlining circumstances where you do not wish to be connected to a life support machine. Such directives are usually lodged with your medical adviser as well as with your legal documents. Although there is no legal basis for such documents nevertheless people are making their wishes known to avoid future disagreements.

What if I die with no will?

If you do not have a will, or have remarried without changing your will then government legislation dictates how your property will be divided. For example, a spouse receives all chattels and the first $90,000 with the balance divided one third to the spouse and two thirds to the children. The administration and legal expenses in an intestacy (where there is no will) are greater than the usual expenses in a probate application (where there is a valid will). It can also take longer to wind up an intestate estate.

Who should be my beneficiaries?

It is becoming increasingly important to consider all options before choosing your beneficiaries. For example, a family trust can be your final beneficiary or it may be appropriate to consider a life interest to your partner if there are two separate families. The impact of legislation must be considered if there is an unequal distribution among children or if one family member has special needs. Lack of advice on the current law could lead to a claim against your estate and to the Courts altering your will.