This information has been provided by
Australian law firm, Slingsby's Legal Solutions.
What
is a Will
A Will is a written document, in a special format, which is designed to carry out your wishes for your assets after your death. It can also provide instructions on other matters, such as selecting guardians for your infant children, and your funeral/burial arrangements.
A Will only takes effect once you as Willmaker die. It has no power while you are still alive. You can change your Will as many times as you like during your lifetime. Only the last Will that you validly make before you die will be used to reflect your final instructions.
How
do you make a Will?
Make
sure your Will is witnessed by 2 totally independent persons,
who have no relationship to the persons mentioned in your
Will.
Anyone
over 18 years of age who is of sound mind can and should make
a Will. A Will must select at least one beneficiary to take the
estate, and should also at least select one Executor who is responsible
for the financial arrangements. The Executor can be one of the
beneficiaries. A Will can also make arrangements for the funeral/burial
and select guardians to care for infant children.
To make a Will that is legally valid, it must be in writing and be witnessed in the proper manner. Witnessing the Will is a technical matter, and the following rules should be followed:
You need 2 witnesses who are both over 18 years of age
and are of sound mind
Your witnesses must not be beneficiaries or spouses of beneficiaries that appear in your Will. For instance, if you have left your estate to your daughter Mary, and her husband Bob witnesses your signature on your Will, then your daughter will lose her gift.
An Executor, Trustee, or guardian can be a witness. However we recommend that you get completely independent witnesses (eg your neighbours, etc)
Both yourself as Willmaker and the 2 witnesses must be present during the time that each of you place your signatures on the Will
You
can
do
your
own
Will
through
Quicklaw.
Click
here
for
more
information.
How
do you cancel a Will?
A
Will is "revoked' (that means, is made redundant, or no
longer
applicable) in the following circumstances:
When
a new, later Will is made
When you marry or re-marry
If your Will is physically destroyed
If
you divorce, then any gift you made to your former spouse in your
Will is revoked. That means your Will is still valid, but partially
cancelled so far as the gift to your ex spouse is concerned.
In all these cases you should seriously consider arranging for a new Will to be made.
