Doing a WILL, because I don't have one.

[pollenface]

G'day all,

I'm going over some things in my life, making a list of all the things I need to sort out. One of the things I've neglected for ever is a Legal Will.

I'm now 36, married with kids, have a mortgage, etc etc, I think I really need to get it sorted ASAP. I think I will be going down the path of buying forms online to print and complete.

I'm based in Perth/WA. What I wanted to ask was basically who did you do your WILL through and how would you rate their service? Are they state specific lawyers or can any lawyer in Australia complete the process?

[Cuppa]

We did ours through a local solicitor company a few years ago in our mid 50's. It's something we probably should have done sooner when we were your sort of age. As I recall it wasn't very expensive, & the solicitors hold a copy in their vaults, we have a copy & everyone named on the will has a copy,(including contact details for the solicitor's company). The solicitor's company are named as the executors of the will, which means they get paid to do that out of the will, but we did that after a family experience of a family member acting as an executor of a will & feeling unhappy about it. How much it costs very much depends upon how complex it it is. Ours is very simple. If I kark it my wife gets everything & vise versa. If we both kark it at the same time, or after the 2nd one of us is gone everything goes to our only son, but if he is no longer living it gets divided equally between named nephews & nieces & my younger half siblings. Although simple (compared to many) we found it reassuring to have someone familiar with the 'legalese' put it together for us. You can buy will kits from newsagents & DIY, but we didn't want to undertake what we thought was probably a fair learning curve to set it up, nor to risk getting it wrong as if there is any issue everything can go to the state, & the last thing we want is if/when one of us karks it that the other has to fight to get what is ours & needed to live.

The process was pretty easy & straightforward. Wife & I were in agreement about who should get something - & that's the main thing.

[pollenface]

That's really helpful info. Thanks heaps. I can understand that about the soliciting company being the executor, and a great idea.

[Brissieboy]

There are quite a few options with a will, but everyone should have something in place as soon as they have assets.
I have a 'blood-line' will where my assets will remain with my children even if they split from their partners.
Mine also has the option of setting up a trust for each beneficiary so their share of estate assets reside within a trust which they then have control over what happens with the income or capital. This can be very beneficial for tax purposes if the beneficiary is in a position to utilise it.
But this is obviously more expensive to set up than a basic will.
Also advisable is a 'Letter of Wishes' where you outline what you would like to happen and why. This can also stymie a challenge to a will (and any will can be challenged). It is not legally binding but it can provide reasons for your decisions and so influence a decision of an executor or court.
And you need to let your family know about them, and where they are kept.
My suggestion would be to get a will in place ASAP - any will - even if it is a DIY one from your local newsagent, but do some research and think about the options. You can always update or replace a will, and you should review it regularly.
And I also have an Enduring Power of Attorney and Advanced Health Directive in place. Something else to consider maybe?
There are estate planning lawyers that specialise in this field and the rates are usually not unreasonable. I certainly thought it was worth the price.