Legal matters

Each state has different names and processes. Before documenting your plan, it’s important to have a good understanding of what is required in your state.

See the requirements for different states and territories.

If you die without leaving a valid Will, you may leave what is known as “intestacy”. Although you may feel your affairs are very simple and your immediate family will receive your assets, this is not always true.

The consequences of dying intestate can be serious for your heirs:

• your estate and beneficiaries will incur greater than normal costs
• they may pay some unnecessary tax
• your estate may be distributed to unintended beneficiaries
• possible prolonged and expensive court proceedings between beneficiaries
• there could be significant delays in the final distribution of your estate
• distribution of your estate could be determined by a formula set down in legislation
• you have no control over who distributes your assets as this will be handled by the state

If you already have a Will you need to consider if it is still current. Some questions to consider include:

• Have you married or divorced since your Will was established?
• Is your choice of executor still appropriate?
• Do you want to include any specific gifts?
• Have you appointed a guardian for dependent children?
• Is your Will tax effective?
• Do you have beneficiaries with special needs, such as disabilities?

You can utilise a solicitor or the public trustee to help you. There are also online options:

• Write Your Australian or New Zealand Will Online, Today | Safewill
• Write your Will online (willed.com.au)

You have the right to nominate the beneficiaries of your superannuation account. If you do not do so, then the balance will usually be transferred to your estate. This may not be the most tax effective option. You should lodge a ‘Binding Death Nomination’ form with your fund every 3 years. Otherwise, the trustees of a superannuation fund are not bound by your nomination of beneficiaries in your will. If in doubt seek advice from your financial or legal adviser.