What You Need to Consider When Writing a Will in Perth

A 2018 survey showed that more than 50% of Western Australian adults do not have a Will. If you die without a Will in Perth, you have died ‘intestate’. The law then divides your estate in a set way: between your spouse and children in certain proportions, or, if you have no spouse or children, between more distant relatives. Dying intestate prevents you from distributing your estate as you would wish, and it can lead to disputes. 

A valid Will keeps that control in your hands. It can cover your assets, the care of your children, charitable donations and even instructions for your funeral. For business owners, it is also where company interests and trust arrangements are accounted for. 

Asset division 

Your assets may include houses and land, shares, business investments, savings accounts, cars, boats, industrial and jewellery. It is also important to account for assets held in family trusts, and to understand how testamentary trusts can form part of a sound estate plan. Items of personal value, such as heirlooms and meaningful belongings, should also be included in your Will. 

Guardianship of children 

Your Will can ensure your children are cared for according to your wishes. You may have a verbal understanding that a sibling, close friend or relative will look after them, but a Will makes those instructions clear. 

Trusts, donations and funeral instructions 

An experienced Perth Will lawyer can help you increase the value of the inheritance you leave to your beneficiaries. Many charitable organisations also rely on bequests, so a Will is your chance to support your preferred charities or establish your own charitable trust. Because a funeral is a personal matter, your Will can include instructions and financial allocations for the service as well. 

Choosing an executor 

The executor is responsible for carrying out your wishes, so choose someone with the time, understanding and commitment to take on the role. 

A Will as part of an estate plan 

A Will is one part of a broader estate plan. When you plan your estate, consider all of your assets, the structures they are held in, who you want to control them, and how you would be cared for if you lost capacity. Alongside a Will, an estate plan can include superannuation death nominations, powers of attorney, enduring powers of attorney, enduring powers of guardianship, discretionary or family trusts, testamentary trust arrangements, letters of wishes and healthcare directives. A well-structured plan helps ensure your wishes are carried out, reduces tax and lowers the potential for disputes between beneficiaries. 

What is probate? 

Probate is the legal process that occurs after someone dies and their Will is submitted to the court for validation. During probate, the court confirms that the Will is valid, confirms the appointment of the executor, and ensures that debts and taxes are paid. 

How a Perth Will lawyer can help 

For business owners with company interests and trusts, a well-structured Will and estate plan protect what you have built. Elizabeth O’Sullivan is an experienced Perth Will lawyer who has been with Leach Legal since the beginning, advising on and drafting all kinds of Wills and offering complete estate planning services. Talk to Leach Legal about your Will and estate plan.

Disclaimer: Free 15-minute consultations apply only to family law matters and not estate planning