Today, we'll be taking a look at the Australian way of handling Last Will and Testaments. 8 of the countries that create these documents are Australia, New Zealand, United States, Canada, England, North Ireland, Scotland and Wales .
It is important for people living in any country to know how their home nation handles this estate plan technique either death or hospitalization occur.
Contents
- Australia Last Will and Testament
- United States of America
- Canada Last Will and Testament
- England Last Will and Testament
- New Zealand Last Will and Testament
- North Ireland Last Will and Testament
- Scotland Last Will and Testament
- Wales Last Will and Testament
AUSTRALIA
No matter where you live in the world, a Last Will and Testament is a valuable tool to have in place.
A Last Will and Testament is necessary for those who want to protect their assets and property in the event of their death. It is also a way to ensure that your loved ones are taken care of after you die.
Making a Last Will and Testament in Australia
When it comes to making a Last Will in Australia, there are a few things you need to keep in mind. First and foremost, your Last Will and Testament must be in writing. You can either type it out or handwrite it, but it needs to be clear and legible.
If you write your Last Will by hand you should use a computer or word processor, which will make it easier for others to read and understand.
You should also sign and date your Will. This is important because it shows that the document is actually your Will and not someone else's.
Can I write my own Last Will and Testament in Australia?
Once your Will is complete, you should keep it in a safe place. You may want to keep it in a fireproof safe at home or with your lawyer.
If you have any assets or property in Australia, it's important to create a Last Will and Testament. This document will ensure that your loved ones are taken care of after you die and that your assets are distributed according to your wishes. By following the tips above, you can create a legally binding and effective Will.
Australian Last Will and Testament Is A Legal Document
An Australian Last Will and Testament is a legal document that sets out how you would like your assets to be distributed after you die. In order for a Last Will and Testament to be legally binding in Australia, it must be signed by the testator (the person making the Will) and witnessed by two adults who are not named as beneficiaries in the Will.
When somebody dies without leaving a valid Last Will and Testament, they are said to have died intestate. If this happens, the laws of intestacy in each Australian state and territory determine how the deceased person's assets will be distributed. This may not necessarily be in line with the deceased person's wishes, which is why it is so important to have a valid Last Will in place.
It is also worth noting that even if you do have a Last Will and Testament in place, there are certain types of assets that cannot be distributed through a Last Will. These include superannuation benefits and life insurance policies, which typically have their own beneficiary designation forms.
If you die without leaving a valid Last Will and Testament, your assets will be distributed in accordance with the laws of intestacy in your state or territory. This may not be in line with your wishes, so it is always best to have a valid Last Will in place.
Some things that you can include in your Last Will and Testament in Australia are:
- Who you appoint as executor of your estate (this is the person who will carry out your wishes as set out in the Will)
- Whom would you like to benefit from your estate
- Any specific gifts that you would like to leave to specific people
- How you would like your debts and expenses to be paid
- Whom you would appoint as guardian of any minor children.
How much does an Australian Will cost?
The cost of an Australian will depends on a number of factors, such as the complexity of your estate and whether you use a lawyer or another professional to help you prepare the Will. Generally speaking, you can expect to pay anywhere from $700 to $2000 for a professionally prepared Will.
When should I update my Australian Will?
You should review your Will every few years to make sure that it still reflects your wishes. You may also need to update your Will if you experience a major life event, such as getting married, having children, or buying a property.
How do you find out if you are a beneficiary in a Will Australia?
If you are named as a beneficiary in a Will, the executor of the estate will contact you to let you know. You can also search for the Will at the Supreme Court in the state or territory where the deceased person resided.
What assets can I include in my Will Australia?
You can include all of your assets in your Last Will and Testament, with the exception of superannuation benefits and life insurance policies as noted earlier.
Some examples of assets include:
- Property (real estate, investments, etc.)
- Personal belongings (furniture, jewellery, vehicles, etc.)
- Bank accounts
- Shares and other investments.
Can I leave my pet to someone in my Will Australia?
Yes, you can include provisions for the care of your pets in your Last Will and Testament. You will need to appoint a guardian for your pets, and you may also want to set aside some money to cover their care and housing costs.
Get started today and download our Australian Last Will and Testament
