Wills Information During Covid 19
The Covid-19 pandemic has brought the concept of our mortality to the forefront of our thoughts and caused many to think “do I need a will?” and “what is a will?”
Why a Will?
A Will is a legal document that comes into effect after you die. It allows you to:
- Distribute money assets to your family
- Nominate a guardian for your child if they are still a minor at the time of your death
- Provide gifts (money or otherwise) to other significant people in your life
- Provide gifts (money or otherwise) to charities / organisations of your choosing
- Make any special provisions regarding your funeral (e.g. whether you want to be buried or cremated)
Your Will also enables you to choose the person who is responsible for obtaining probate of your Will from the court (the Executor) and the person responsible for carrying out your wishes after you die (the Trustee).
Your executor and trustee do not necessarily have to be different people. You can also nominate more than one executor or trustee if you wish.
What happens if I die without a Will?
Dying without a Will can lead to some undesirable consequences, including:
- You will not be able to choose who administers your Estate
- You will not be able to choose how your money and assets are distributed, or to whom they are distributed
- The cost and time of administering your Estate may pose a significant burden on your family, both in terms of finances and time
- The court will have to appoint a guardian for your minor children, which has the potential to be a long and stressful process for all involved
Some of these consequences can also occur if your Will is not up-to-date (e.g. if you have married since your last Will) so it is important that you make sure your Will reflects your current circumstances.
If you would like to speak to one of our team at Linwood Law regarding making a will, please either call our office on 03 389 2121 or click here.
NB: Please note that the above is a general overview of the topic and is not advice. Every situation is different and would require advice tailored to the individual.
Learn more about Making your Will with Linwood Law here.
