What is a Will?
A Will is a binding legal document that directs how your assets will be distributed on your death, and nominates the person who will attend to the administration of your estate and if necessary be the Trustee for underage beneficiaries.
Anyone who is over 18 and mentally capable can make a Will.
If you do not have a Will, your estate will be distributed according to the Rules of Intestacy which may not be the way that you intended. There will be no provision for your friends, specific gifts or donations to charity to name a few.
Costs involved in the administration may be higher.
It is important to review your Will if you get married, divorced, have children or if any other circumstances change, to ensure that your estate is distributed to those persons or charities that you care about.
You should consider making an Enduring Power of Attorney or Advance Health Directive at the same time as making your will to ensure that your interests are protected whilst you are alive.
If you have questions about a Will, Enduring Power of Attorney or an Advance Health Directive, please contact Hall Payne Lawyers on Freecall 1800 659114.