Life can take unexpected turns, and one of the most challenging experiences you may encounter is divorce or separation. Beyond the emotional and financial complexities, this life-changing event can have a lesser known but profound impact on your estate planning. Let’s explore why it’s crucial to update your estate planning in these circumstances. A Fresh … Continued
Frequently asked questions
How much does it cost for a Will in South Australia?
The cost of a Will in South Australia can vary depending on the complexity of your estate and the services required. Basic Wills may start from a few hundred dollars, while more complex arrangements may be higher.ย ย
The cost of making a Will with a lawyer will also vary depending on the complexity of your family situation, your assets and liabilities and how they are structured, and what you want to happen after your death.ย
Attorneys that do Wills in movies often allow their clients to include wild ideas and conditions that must be met before an inheritance is given to a beneficiary, such as a requirement that a beneficiary be married. In reality, getting creative with your Will would be very expensive to draft, and even more expensive when it comes to administering your estate, particularly if your beneficiaries dispute the Will.ย
Who can make a Will in South Australia?
Anyone over the age of 18 and of sound mind can make a will in South Australia. Exceptions may apply for minors in certain circumstances, such as if they are married.ย
What happens if I die without a Will in South Australia?
If you die without a Will, your estate will be distributed according to the intestacy laws of South Australia. This may result in your assets being distributed in a way that you did not intend.ย
Can I write my own Will, or do I need a lawyer?
While it is possible to write your own Will, using a lawyer ensures that your Will is legally valid and comprehensive, reducing the risk of challenges and ensuring your wishes are clearly communicated.ย
What should I include in my Will?
Your Will should include instructions for the distribution of your assets, the appointment of executors to deal with your estate, guardianship of minor children, and any specific funeral arrangements or trusts you wish to establish.ย
Can I change or revoke my Will?
Yes, you can change or revoke your Will at any time, as long as you are of sound mind. It is important to review and update your Will regularly to reflect changes in your circumstances.ย
What role does an executor play in executing a Will?
An executor is responsible for managing your estate, paying any debts and taxes, and distributing your assets according to your Will. Your executor is not required to take part in preparing your Will though if you choose to appointย a company as your executor, that company may assist you to prepare it. Choosing a trustworthy and capable executor is crucial.ย
How can I ensure that my Will is legally valid in South Australia?
To ensure your Will is legally valid, it must be in writing, signed by you and witnessed by two people who are not beneficiaries. Consulting a lawyer can help ensure all legal requirements are met.
Latest News
Sometimes, even the best of intentions can result in dispute when it comes to inheritances. If you are considering making a claim for further provision from a deceased estate, our team at Eckermann Lawyers can assist. Who can make a claim? In South Australia, the Inheritance (Family Provision) Act 1972 (SA) (โthe IFP Actโ) provides … Continued
The short answer is now! Many people leave their estate planning until the later stages in life, mistakenly thinking they do not need to deal with something unless there is immediate cause for concern. We sometimes hear comments from our estate planning clients in their 20s, 30s and 40s like โI know Iโm young, but … Continued
Here are 6 reasons why we believe starting estate planning today can make the process less painful and provide you with assurance. 1. Big picture thinking Many of us are so busy with day-to-day life that we can lose sight of the big picture. Starting estate planning allows you to take step back, envision the … Continued