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Wills

A will formally spells out how your assets should be dealt with after your death. It can also include instructions for your funeral. Everyone needs a will, regardless of age. If you don't have a will and die, the law decides who (from among your family) gets your assets. They may be divided differently to the way you would have wished, and the process may also take longer and be more expensive.

A new will should take into consideration the relationship property sharing laws, which apply when a married or de facto partner dies.

Wills should be drafted by someone with experience, including in taking and working with will instructions. They must be signed and witnessed - if the proper procedures are not followed a will may not be valid. Many people use a lawyer or trustee company to make sure the legal requirements are met. Some lawyers and trustee companies also write wills for free, providing you name them as executor. They then usually charge your estate a fee for acting as executor of the will.

Got an employer-sponsored super scheme?

If you are contributing to an employer-sponsored super scheme, a benefit may be paid in the event of your death. In some schemes it is the trustee's responsibility to determine who the benefit is paid to - so it's helpful if your preference is made clear in your will, even if you nominated your beneficiaries when joining the scheme.

Grant of probate

When you write a will, you name the person you want to carry out your wishes. The authority of this person, known as the executor, is confirmed by the High Court in a grant of probate. The lawyer acting for the estate can prepare the necessary documents to obtain this.

The Ministry of Justice website has some useful information about matrimonial and de facto property law, along with some frequently asked questions about relationship property.

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