Wills and Estate Planning Lawyers in Geelong and Melbourne

The Executor of your Will is responsible for administering your estate and following your Will. You can appoint up to four Executors at any one time, and can also include substitutes, in case an Executor is incapable of acting. It helps to appoint people you trust who have a good understanding of your affairs and your values.

Your “estate” is basically your assets, less any liabilities you leave. While you are legally obliged to provide for particular persons in your life (i.e. your spouse and children), you can distribute your estate as you see fit. If we foresee any risks with your wishes, we will let you know. It is also worthwhile giving consideration to where your “bits and pieces” will go and whether you want any charities or causes to receive anything from your estate.

Once you have decided who you wish to benefit, you should also think about how you want your estate to pass. For example, if beneficiaries are quite young, who looks after their share during that time? Do you want to ensure your children’s share is protected if they become exposed to asset risk? If leaving a share to a charity, do you want to direct how the charity uses the funds? We can walk you through your options if you want to include a little more structure around how your beneficiaries receive their share.

You can provide direction about the guardianship of your young children in your Will, including who you would prefer look after them and your wishes more generally (i.e. what school they attend). If you have a number of wishes in this regard, you might like to collate them in a document that sits alongside your Will, which you can update more regularly.

Your Will can also help your loved ones when it comes time to make decisions about your funeral and how your body is dealt with after your death, including whether your organs are to be donated and your preferences to be buried or cremated. It always helps to discuss these matters with your loved ones, so they have a good understanding of your wishes, but the inclusion in your Will can provide further comfort.

Your superannuation and life insurance sits outside your Will, but it needs to be considered as it is often another significant asset. It helps to consider why you hold these assets (i.e. are they there to pay off large liabilities?) and make sure they pass in a way that aligns with your intentions. We can also provide you with some recommendations to minimise the tax that might otherwise be payable on these types of assets.

Your Will won’t take effect until you pass away, so it is also worthwhile having a think about how you would like your affairs dealt with if you became incapacitated. For example, who do you want making decisions about where you live, who would you want handling your finances, who would step in and look after your children’s interests?

The documents which allow you to appoint people to make these decisions for you are known as Powers of Attorney, you can find out more Powers of Attorney here.

* this list is not exhaustive, as it could go on forever! The best way to ensure you are 100% comfortable with what happens if you pass away or become incapacitated is to run through it all with one of our lawyers.

Find out more about what to consider when making a Will here.