Elliot Tuthill Solicitors - Cronulla Sydney

INFORMATION ON YOUR WILL

When should I make a Will?

It is a personal choice as to when you make your Will but any person over 18 years of age should consider making a Will. However, it is important that you make provisions for how you would like any assets distributed on your death. Many people consider making Wills when:

They go travelling overseas;
They begin a family and want to ensure that the child is provided for should they pass away;
They begin acquiring assets such as homes and cars.

Your Will should be drafted in a manner that will ensure your wishes will be carried out, the potential for litigation is diminished and will allow for your estate to be administered in the most efficient and tax effective manner.

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When should you make a new Will?

You should make a new will if:

You have married since the date you made your last Will; or
You have divorced since making your last Will and you want to change the beneficiaries named in that Will.

Marriage and Wills

Marriage revokes a Will unless the Will expresses that it is made in contemplation of marriage, even if your existing Will appoints your partner as Executor or as a beneficiary. If you marry after making your Will, or are about to marry, please consult us.

Divorce and Wills

Divorce does not revoke a Will. However, should you divorce, any gift or appointment to your former spouse in your Will will be revoked. This will apply unless the Will is expressed to be made after your Divorce and you intend your former spouse to be a beneficiary or your Executor. If you divorce after making your Will, please consult us.

Other circumstances where an alteration in your Will may become prudent include:

If you change your name, or anyone mentioned in the Will changes their name;
If an Executor dies or becomes unsuitable to act due to age, ill health etc;
If a beneficiary dies;
If you have specifically left any property which you subsequently sell, or which changes its nature;
If your family situation changes. For example, if you divorce, marry or have additional children, including adopted and step-children.

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How often should I review my Will?

It is prudent to review your Will every three years to ensure your Will accords with your current wishes or is updated according to your current circumstances.

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Can my Beneficiary be my Executor?

Yes, the person you name as your Beneficiary can also be your Executor. For example, a husband might name his wife as Beneficiary and Executor. However, you should consider naming an alternate Executor in case the person you name as Executor cannot act or at the time of your death or is no longer willing to act as your Executor.

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Can my Beneficiaries alter my Will?

In some circumstances, yes. If all relevant Beneficiaries are over the age of 18 and have the required mental capacity to do so, those Beneficiaries can join in a family agreement to distribute the Estate in a way that alters the requirements of the Will.

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Can I make plans for the structure of my Estate now?

Yes, you can make what is called an Estate Plan. This plan looks at the big picture to see how a person's wealth can be moved and changed so that tax is minimised and the Will document reflects the structure established under the Estate Plan.

It is also possible to have a Family Business Plan which documents who is going to do what with the different assets and/or companies you may own.

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How should I store my original Will?

It is vitally important that your Will can be found easily and promptly after your death and you should ensure that your Executor(s) know where your original Will is kept. You should keep a copy or your Will with your papers at home with a notation of the location of the original Will and the name, address and occupation of the Executor(s) so that he or she may be easily located.

If you choose to store your original Will at Elliot Tuthill

We have a large fireproof safe in our office and you are welcome to keep your original Will in our office, free of charge.

You should advise your Executor(s) of their appointment and let them know the original Will was deposited with Elliot Tuthill.

Should our firm divide, change its name or amalgamate with another firm, all the firms which are party to the rearrangement will have sufficient records of the files in the control of the other parties to ensure that original Wills do not become difficult to trace. The Law Society of New South Wales retains records of such changes in solicitors' firms. We would notify you in such an event.

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