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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