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WILLS

What is a Will?

A Will is generally a formal written and signed statement, which provides for the distribution of a person's property and assets, to take effect on that person's death.

It is an important legal document that all adults should have, to protect the assets they have worked hard to accumulate.

Please click here to view our Wills Brochure

Did you know?

• A significant number of persons who die in Australia each year, do so without having left a Will.
  
• Many Wills drawn up during a person's lifetime do not reflect the testator's current wishes.
  
• Many people incorrectly believe that Wills are necessary only for the wealthy.
  
• Making a Will is not an expensive process.
  
• Your assets may be worth more than you realise.

Why make a Will?

Making a Will is the only way to ensure that a lifetime's work is passed on to the people you choose.  It provides security for those who are close to you and for those you are responsible for, and may avoid unnecessary difficulties upon your death .

Your Will may be used to provide for the guardians of your children (under 18 year olds) and to arrange for their maintenance and education.

Should you die without a Will (intestate) your estate may be divided according to a Government formula (the laws of intestacy) - a formula that may not reflect your wishes, and which may cause undue hardship, cost and delay for your family.

Eligible family left out of a Will may bring an action for greater provision under the Family Provision Act.

Why a Will is important

Making a Will is a specialised task, often requiring consideration of complex financial, legal and tax issues to ensure that your estate is distributed in accordance with your wishes. 

Who should be your executor?

Your executor should be aware of his/her legal responsibilities, and is able to devote the necessary time to the management of the affairs or your estate.

Acting as executor can be demanding, requiring an understanding of complex legal, financial, accounting and taxation matters.

If you choose an executor who is less than able, or who dies before you, this may unduly complicate the administration of your estate.

The duties of an executor include -

• locating the Will;
• ascertaining and securing assets;
• proving the Will in Court;
• discharging debts;
• establishing Trusts;
• preparing income tax returns and attending to capital gains issues; and,
• distributing and transferring assets according to the terms of the Will.

For further information please click here to view our Duties of an Executor Brochure

Why choose the Public Trustee?

The Public Trustee can prepare your Will only where nominated as the Executor (ie, the person who administers your estate) or as joint Executor with one or more other persons.

The different circumstances and needs of individuals are paramount to the Public Trustee in the preparation of Wills.

Will making is a specialised task with complex financial, legal and tax implications that should be considered to ensure that your estate is distributed as you wish.

Given the importance of this document, it is vital that it is prepared by an expert who is supported by legal, accounting, taxation and investment professionals.

Some good reasons for selecting the Public Trustee.

The Public Trustee has -

• prepared over 10,000 Wills and prepares around 700 Wills each year;
• over 30 years experience in the preparation of Wills for Canberra people;
• low fees for the preparation of Wills;
• the expertise to offer objective and impartial advice that may help avoid any potential conflict and ensure the most effective distribution of assets.
• perpetuity; and
• will retain your original Will safely and securely until required.

Where should I keep my Will?

Your Will should be kept in a safe place. When the Public Trustee prepares your will, the original Will is retained in safe custody at no cost, and a copy is provided to you. 

When should I make changes to my Will?

If your personal circumstances change eg you become married or divorced, have children, travel or acquire new assets, you are advised to make changes to your Will. If you get married, the existing Wills of both parties are automatically revoked, unless made in contemplation of marriage.

It is important to update your will after marriage, divorce or if you are living in a de facto relationship.

Giving to charity through your Will

The Public Trustee is trustee for the Capital Region Community Foundation 'GreaterGood' and recommends the foundation to persons wishing to support charitable causes through their Will.  Click here to go to information on philanthropy and GreaterGood.

GreaterGood is a not for profit charitable entity with tax-exempt status established to benefit and strengthen the Capital Region. GreaterGood also provides a convenient structure to implement your charitable testamentary wishes.

The foundation is a permanent and growing source of funding for charitable activities.

Our fees

The Public Trustee's fees are set under Determination of the ACT Attorney General as responsible Minister.

A minimal fee is payable at the time of drawing your Will.

When your assets are distributed your estate will be charged a small percentage of its gross value.

Joint tenancy assets attract no commission.

For further information about our fees please click here.