WILLS

Having an effective estate plan will assist in recording your wishes and supporting the distribution of your assets to your beneficiaries. Tax, superannuation and financial planning issues should be considered with the appropriate advisers.

A Will is an essential Estate Planning document as it appoints your personal legal representative (executor - who has the duty to carry out your wishes by administering your estate by collecting assets, paying off any debts and distributing the assets) and names the people (beneficiaries) that you want to receive your property and possessions after your death.

While writing your own Will using a DIY kit may seem attractive from a cost viewpoint, it can be a risky approach to take. If errors are made or if witnessing rules are not followed correctly that DIY Will could be invalid. In such an event, the estate will pass according to the statutory rules of intestacy.