PERSONAL

Wills

Surveys have shown that many Australian adults have not made a Will. Those who have not, die "intestate". If you die intestate:

• You have no control over who benefits from your estate
• Property passes to your relatives according to a strict legal order and does not take account of any surviving partner if you are unmarried
• The whole of your estate does not necessarily pass to your surviving spouse
• The law determines who deals with your estate. That person, your administrator, might not be your first choice

Without a Will, you could leave distress and difficulty for your family at a time when they may find it difficult to cope. It is important to get it right. Those who draft Wills without legal expertise, can, inadvertently, make things worse.

Did you know that if you divorce, any gift in favour of your spouse is cancelled? But what happens between the time you separate and the actual divorce? In this case your spouse will continue to benefit under any Will or intestacy. If you marry, or re-marry, any previous Will is automatically cancelled.

Everyone should review their Wills on major life events such as marriage, the birth of a child or a change in financial circumstances. By taking proper legal advice, you will have the opportunity to consider how inheritance tax may affect your family. Even quite simple Wills may be able to reduce inheritance tax.