Wills and Probate

A Will is a written document that describes what you want your property (also known as your 'estate') to be done with after your death. It provides specific guidelines and methods for institutions with rights to distribute your estate.

Anyone over the age of 18 can make a will as long as they have enough understanding to know what they are doing.

A person under the age of 18 can only make a will if:

1. Married.
2. Obtain the authorization of the court to make a will.

Your estate can include anything you owned when you die, including cash, savings, and investments.

In your will, you can include:

1. Assets such as houses, cars, money, stocks, cash.
2. Rights and powers, such as the right to appoint a trustee for a family trust.
3. Specific belongings such as jewelry, books, photographs – If you list specific items, make sure they are easily identifiable.

You can also include other items such as:

1. What you want your body to be done with.
2. Organ donation.
3. Who you want to be guardian of your children (although the court makes the final decision).

Some assets cannot be passed to another person through a will upon death. Examples include:

1. Property owned in the name of joint tenants.
2. Assets in your superannuation or insurance funds – You usually name a beneficiary when you take out your policy.
3. Assets held in a family company or trust – Although under your control, you do not actually own these assets and therefore cannot be distributed directly under a Will. A will must transfer control of the company or trust to a trustee or other beneficiary.