What is a Will?

A Will sets out how your assets are distributed after you pass away.

Wills can address:

• guardianship of infant children

• who controls and distributes your estate (executors);

• how your estate is distributed (for example, evenly to your children);

• gifting specific property (such a family heirloom);

• disinheriting potential beneficiaries; and

• who will care for your pets.

Intestacy

If you pass away without a Will, your estate is intestate. The distribution of your intestate estates is set out under Section 14 of the Administration Act 1904 (WA). The distribution under the rules of intestacy are unlikely to reflect most testator’s intentions.

Under intestacy rules, if you have no living family members then your estate passes to the government by way of escheatment.

Reasons to have a Will

There are many reasons to have a Will:

• ensure that your estate is distributed according to your wishes, make specific gifts, and legacies;

• appoint guardians for your minor children;

• give instructions as to treatment of your remains;

• reduce and settle any potential conflicts arising out of your estate;

• avoid intestacy and delay in the distribution of your estate.

When to update your Will?

Wills should be updated following any major life events.

This includes:

• marriage, divorce, or separation (which can automatically revoke existing Wills);

• birth of children;

• significant financial changes;

• accidents, ill health, or hospitalisation;

A good rule of thumb is to update your Will every 3 - 5 years.

Single or mirrored Wills

A single Will covers the estate of one person.

Mirrored Wills are primarily used by couples. The most common distribution structure is everything to the surviving partner, and after they pass away, equally to the children of the relationship.

It is a good idea for couples to undertake estate planning prior to marriage. This requires a contemplation of marriage clause preventing the Wills from being automatically revoked upon marriage.