Estate Planning Considerations

What is a Will?

A Will is a legal document that can be written by anyone over the age of 18. It lets you decide who should receive your belongings and assets after you die.

It may also set out some of your wishes such as what type of funeral you would prefer or who should look after your children until they can look after themselves.

If you have no Will or your Will is not valid, your assets will be distributed according to a formula set out in the Succession Act in each state. These rules apply to everyone and don't take any account of your individual circumstances. The outcome can often be more complicated, take longer and may not be what you wanted.

One of the important parts of a will is who will be the executor. The executor is the person who administers the estate. This means they collect all the assets, pay any debts and then distribute your property as per your wishes.
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