The need for advice on matters relating to Estate Planning takes many shapes and forms and Matthews Folbigg Lawyers can assist you in these COVID-times to achieve your estate planning goals through the use of Zoom and FaceTime.
Questions we are often asked. Please note that these answers are not “one size fits all” answers and should be guidance only. As always, we recommend that you seek advice from a Will lawyer at Matthews Folbigg to discuss your particular circumstances..
Q: WHEN DO I NEED MY FIRST WILL?
A: The answer can be quite simple – when you reach a stage in life where you have assets, financial commitments, or dependents. To protect those who love, you need a Will. A Will lawyer at Matthews Folbigg can help you prepare your first Will.
Q: HOW OFTEN SHOULD I UPDATE MY WILL?
A: Good practice suggests that you should review your Will every 3 to 5 years. However if your circumstances change or there is a change to the law, you should seek advice from a Will lawyer on whether any of these things necessitate a change to your estate planning documents.
Q: CAN I CONTEST A WILL?
A: A will might be contested if there is doubt that the will maker had capacity at the time of signing the Will, or if there is the possibility that the will maker was coerced into making the will. If you suspect any of these circumstances and are a beneficiary under a previous Will you should seek advice from a Will Lawyer at Matthews Folbigg.
Q: I’M AN EXECUTOR IN A WILL, WHAT DO I HAVE TO DO?
A: You are the Legal Personal Representative of the deceased person who appointed you in their Will. You have duties to uphold the Will and ensure that the will maker’s wishes are carried out. You also have a fiduciary duty to the beneficiaries. Contact a lawyer at Matthews Folbigg to discuss your duties as an Executor.
Q: IS MY SUPERANNUATION AUTOMATICALLY COVERED BY MY WILL?
A: Not normally. Your superannuation is usually distributed by the Trustee of your super fund, and is guided by any binding death nomination made by you. The nomination must be valid, however. Your superannuation can be quite considerable by the time you die. You want to ensure that it is paid according to your wishes. If the nomination is invalid, or the Trustee cannot locate any dependents, then it will be paid to your estate. If you have questions about the validity of your nomination you should contact a Will Lawyer at Matthews Folbigg to discuss.
Q: HOW DO I CHOOSE AN EXECUTOR FOR MY WILL?
A: It is important to choose someone you trust who has capacity to deal with the responsibilities involved in being an Executor. You can appoint more than one, but consider carefully the implications for your estate, particularly the legal costs, if you appoint more than one Executor and they do not work well together. Disputes between Executors usually cause delays and additional costs to your Estate. You can also appoint an Independent Executor who can be impartial to any potential disputes amongst beneficiaries.
Q: I’M IN A DE FACTO RELATIONSHIP – IS THAT THE SAME AS A MARRIAGE AS FAR AS A WILL IS CONCERNED?
A: Yes, however it may be more cumbersome for your partner to prove the relationship if disputed by other members of your family. There is no ‘certificate’ to show your commitment to your de facto (unless the relationship is registered) and they may unnecessarily be put to task proving the relationship. You can assist them with carefully drafted documents, however we recommend you discuss your particular circumstances with a Will lawyer at Matthews Folbigg.
Q: MY MARRIAGE IS IN TROUBLE. WHAT SHOULD I DO ABOUT MY WILL?
A: If your marriage is in trouble, your feelings about your partner will also be changing. You may not wish them to benefit from your death. Until you divorce (and you have to be separated for 12 months for this to be applied for), you are still legally married to your spouse and this might have implications if you die without a Will. On divorce, any gift to your spouse in your current will is void. The implications are complex. See a Will Lawyer at Matthews Folbigg to discuss.
