29 June 2016
Any person over the age of 18 years can make a will.
That said, it is not compulsory to do so.
However, making a will ensures the testator’s wishes are carried out on death, rather than an application of the laws of intestacy.
A will can be made by persons who intend to get married, although if will is made without any stated intention and a marriage subsequently occurs, then the will shall be revoked.
Usually, husbands and wives or partners make mutual wills which benefit the other party.
A testamentary trust is a means by which assets can be placed in a trust on death.
It is important that accounting and legal advice is obtained as to the best method of ensuring that your assets are passed on death in accordance with your wishes.
It should also be remembered that property held by way of a joint tenancy passes independently of the will to the surviving joint tenant.
Further, superannuation does not pass pursuant to a will unless there is a binding nomination leaving the death benefit to the legal personal representative.
If there is no binding nomination, or a non-binding nomination, then the trustee of the superannuation fund will be required to make a decision as to entitlement.