Since COVID-19 appeared we have seen a marked increase in clients updating or making their first Will.

In your Will you specify: (a) who should administer your estate after your death (your “executor”); (b) who should be the guardian of any minor children; (c) who should inherit your property and other assets; and (d) arrangements for your funeral and remains.

If you do not have a Will then the law determines who inherits your property and who administers your estate. These may not be the people you would choose.

A general rule of thumb is that a Will should be reviewed every 3 years or whenever a significant change occurs. Significant events include: (a) a beneficiary or executor dying; (b) a new beneficiary being born (e.g. child or grandchild); (c) the gift of a specific object such as a house being sold; or (d) you marry, newly cohabitate or separate.

Many of our clients making or updating their Wills do not realise their superannuation entitlements do not form a part of their estate automatically and therefore may not be distributed in accordance with their Will. There are important tax considerations in deciding whether to make a ‘binding death nomination’ in your superannuation fund either in favour of particular family members or in favour of your estate.

It is also wise to ensure that your Will is as protected as possible from a successful claim for further provision by family members who may challenge your Will seeking more than you choose to gift them (called a ‘family provision claim’).

Excellent, economical advice from a lawyer who specialises in wills and estates has never been more important.

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