Wills – Creating

You must create a valid will now.This action ensures your wishes are upheld after your death.

It is also important it is created properly and is valid, as wills can be contested in court.

If you die without a valid will, your estate becomes intestate.

Legislation dictates the division of the estate.It names all predetermined beneficiaries.This outcome may not match your wishes.

Some of this legislation is outdated.

Rather than using a will kit, which are generally rigid in structure to accommodate only basic dispositions, it is best to get more specialised advice to make sure your will is as water-tight as it can be. In law, certain words have specific meanings – incorrect use can cause problems in carrying out your intentions.

A professional will won’t stop every legal challenge.It ensures you consider all important issues.This gives your final wishes the best chance of success.

The approach to making your will depends on many circumstances, including:

  • special provisions for education and maintenance for children under age
  • other dependants or possible beneficiaries
  • if you have a blended family situation
  • divisions of your estate which are to benefit one or more persons to the disadvantage or exclusion of another or others
  • a dependant who may have a disability
  • a spendthrift or bankrupt beneficiary
  • your superannuation situation
  • the spread of your assets and any liabilities
  • assets you have in co-ownership with another person
  • business interests such as companies, trusts, partnerships, joint ventures
  • tax issues, including CGT
  • how far you may want to go to protect assets for the benefit of beneficiaries.

If you have business interests, we usually want to discuss your circumstances with your accountant and financial advisor, after you have let us know what your intentions are.

Whatever your circumstances, Whitelaw McDonald will help you to create your valid will and protect the interests of you and your loved ones in the way you would like. Call us today on (02) 4941 8999 (Newcastle) or (02) 4343 7000 (Central Coast) or Contact Us for an obligation-free consultation.