We recently read an article drafted by Angela Harry of Attwood Marshall Lawyers that includes some great tips when it comes to Wills and what is required to make them 'legal'. We are seeing more and more Free Will Kits being offered and unfortunately many of them are being rendered invalid as the will maker was not made aware of the basic requirements involved in order to ensure their validity.
These requirements are as follows:
- It should revoke all previous Wills;
- It should appoint a personal representative or executor;
- It should accurately set out the assets of the deceased and to whom the estate is to be left;
- If applicable, it should make alternative provisions in case intended beneficiaries predecease the Will maker;
- The Will needs to be in legible writing or typeface. It should be properly signed by the Will maker and witnessed by two adult witnesses who are not beneficiaries in the Will;
- There are also technical requirements in relation to how and when the Will is signed in the presence of the witnesses.
It is important to always seek advise from a lawyer experienced in this area as failing to do so could cost your family tens of thousands of dollars and ensures that your estate is left to your intended beneficiaries. Please click here to read the full article.
If you would like to discuss your succession plan please contact your Accountant and we are happy to assist.