February 2018. . .
Importance of having a Will
As far as your family is concerned, your Will could be the most important document you sign. A Will contains instructions about what you want to happen to your body, your property and your children when you die and helps to relieve the stress on those you leave behind.
A Will can be implemented by anyone of sound mind who is at least 18 years of age, or by a person under 18 who is or has been married or in a civil union relationship. It is never too early to make a Will as you can quickly build up items of monetary or sentimental value that you wish to be passed on to others upon your death.
Keeping your Will up to date with changes to life circumstances
You should review your Will every five years, and always when one of the following events happens to you:
Ensuring your Will is valid
For a Will to be valid it needs to be recorded in a prescribed manner. This is to ensure that it complies with the law and your wishes can be given effect to upon your death. It is important to get legal advice to ensure this process is followed correctly.
We at Gallaway Cook Allan will ensure that the validity requirements are met, including that it is written, witnessed by two people who are not beneficiaries under the Will, signed by the witnesses in your presence, and signed by you, the Will maker.
We can advise on who you may want to carry out your instructions when you die, known as an executor, and what this role entails. If you have failed to adequately provide for your dependants, we will tell you about any potential challenges there may be to your Will. To ensure the safe keeping of your Will, we store it at our office free of charge and can provide copies to you when requested.
If you would like to put a Will in place, review your existing Will, or have any questions please contact our office on 03 477 7312.