Provided that you are over 18 it's a good idea to have a Will,
as it can provide instructions about how to deal with your valuables and possessions after your death.
More importantly, if you leave behind people financially dependent upon you,
the assets in your estate can be directed towards their care and support.
In a Will you are able to communicate your wishes
and instructions to your trusted personal representatives, called Executors.
You should consider appointing more than one Executor to act jointly under the terms of your Will
to avoid the problem that can arise if a single Executor dies before you.
After your death the Executors will need to make a formal application to
the Probate Registry at the Supreme Court,
for a determination of what document constitutes your last Will,
and who is entitled to be a personal representative of your estate.
Once this has happened a grant of Probate can be issued.
The grant of Probate is proof to the world that your Executors are legally
entitled to collect and distribute the assets of your estate according to the terms of your Will.
Now, all applications for grants must be in accordance with the Rules of Court,
so when the time comes for your Executors to make application,
in most cases it will be advisable for them to instruct a solicitor.
The Law Society of South Australia
is able to provide the names of law firms and legal practitioners who specialise in this type of work.
Alternatively, when you make your Will, you can decide to appoint the Public Trustee as Executor,
or an authorised Trustee Company.
A grant of Probate is not always required,
depending on the type of assets in the estate, and where they are held.
Some smaller estates can be administered informally,
but a grant will always be necessary in order to process a land transfer
to a beneficiary under the terms of your Will.
The exception to this is where real estate is owned jointly with another person, typically a family home,
in which case your interest becomes the property of the survivor by operation of law.
Instructions in your Will can include matters such as distributing money to family and friends,
or making gifts to charities.
You can also direct that rather than selling assets,
they are maintained to produce income for the benefit of those named in your Will
who are children at the date of your death, and in need of education, care and support.
You can specify in your Will why you have preferred to distribute money or property to certain people
and not to others;
or make it clear that gifts that you have left to people who do not survive you can pass to their own children.
Directions can also be given in terms of burial, cremation and interment.
If you don’t prepare a Will all is not lost.
According to South Australian law,
a statutory formula is applied to distribute the proceeds of your estate after debts and
funeral expenses have been paid.
This formula takes into account whether or not you are survived by a spouse or domestic partner;
and whether children are involved,
and in the absence of any of these, whether you having surviving relatives with children of their own.
If you die without a Will and none of the eligible people mentioned exist,
then the proceeds of your estate will go to the Crown
– good reason alone for making a Will,
but how should you go about it?
Most suburban legal practices have capable lawyers who can advise you.
Some city based firms specialise in Wills and Estates, or have a specialist division within their practice.
The cost of preparing a Will can be as little as a few hundred dollars, in some cases less.
The Law Society can advise you about legal practitioners who can assist you.
If cost is a problem for you, consider organisations such as Red Cross
which can direct you to a local solicitor to prepare a simple Will from $75.
This is a service that many solicitors provide in order to help Red Cross.
The Public Trustee has more than 130 years’ experience in preparing Wills and administrating estates,
and makes no charges to prepare your Will when you appoint Public Trustee as the Executor of your estate.
Charges are not incurred until after your death, when administration of the estate commences.
Public Trustee is reliable and accountable, and the free preparation of your Will is an attraction,
provided that you are fully aware of the administration charges that are incurred later,
which can be about 4% of the overall value of the estate.
The Legal Services Commission of South Australia
has a telephone advisory service where you can obtain free general legal information and advice
about the professional service providers and resources that are available to help you.
Take control of your future today, and plan ahead.