Wills

What is a Will?

A Will is a document that says what is to happen to your assets after your death.

It is responsible to have a Will, as it lets you provide for your loved ones and remove the uncertainty about how your estate is to be handled.

It does not matter if your estate is large or small, it is still important to see that your assets are distributed in the way that you intend, and that the chances of any misunderstandings, arguments or added emotional distress are minimised for those you leave behind.

If you do not have a Will that disposes of all your assets, State legislation will decide how all or part of your estate is distributed. If you are over the age of 18 years you should make a Will.

Do you know your obligations?

Under Testator's Family Maintenance Legislation your Will could be challenged and overturned if you have failed to make adequate provision for your dependants (spouse, partner or children).

It is important you understand these obligations, so that you can plan the distribution of your estate accordingly.

Do you need a Will?

If you die without making a Will, everything you own will be distributed according to relevant State legislation - which means your wishes are not taken into account. The formula under the Legislation has not been reviewed since 1977 and is unlikely to meet your family's needs.

By making a valid Will now you avoid the possibility of your estate passing to someone you would not intend to benefit.

Your capacity to make a Will.

A person must have "Testamentary Capacity" to make a valid Will. Where a person suffers an intellectual impairment, or by reason of illness or advancing years is suffering from memory loss or dementia, care must be taken to ensure they retain the testamentary capacity to make a Will.

If there is even a remote possibility this applies to you, we recommend you consult with your doctor and Tasmanian Perpetual Trustees to ensure the details of your mental capacity are properly recorded at the time you make a Will.

This will make it far more difficult for anyone to challenge the Will on the basis of lack of mental capacity after you have died.

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