There are many reasons to consider your legacy

Having an up to date will give you peace of mind. It doesn't matter your age or health; it's always essential to protect your assets. Read on to find out what's required and how we will be able to assist you at every step.

But why do I need a will?

We all like to think that we are going to live forever, but unfortunately, no one is invincible. There are a number of important reasons to make a will as soon as possible:

Save time, money, and stress for your loved ones
Determine who will manage your estate
Decide who gets your assets and property – and who does not
Provide a home for your pets
Choose who will take care of your dependent children
Leave instructions for your digital assets
Lower the potential for family disputes
Support your favourite causes and leave a legacy
Provide funeral instructions
Give yourself peace of mind

Don’t leave it until it’s too late. Contact Sproal to start writing your will.

Book an appointment

Making a will – requirements

You can make a will if you are over 18 years of age and are of "sound mind".

Being of "sound mind" means that you know that you are making a will and understand the nature and effect of the will. Importantly, it means that you can decide how you want your property dealt with when you die and that your will accurately record this. A doctor's advice may be sought for people whose memory or mental capacity is failing.

The critical requirements for making a valid will are as follows:

The will must be in writing
The will maker must sign at the end of the will
Two witnesses must witness the will maker's signature
The witnesses must sign the will in the presence of the will maker and each other, and importantly
A beneficiary or the will maker's spouse/partner cannot witness a will. If they do, they could lose their entitlements under that will.

As the formal requirements for making a valid will must be strictly adhered to, it is recommended that you have your will prepared by a lawyer or Trustee company. That’s where we come in.

Making a will – the process

Below is a brief overview of what to expect in the will writing process – and how we will be able to assist you at every step.

1. Write your will

We will work with you to draft your will. We recommend that you review your will regularly to consider updates to your assets, marital status, or having children.

2. Account for all scenarios

Our expertise in wills and estate will help you consider all scenarios and ensure that your assets and dependents are accounted for.

Try to think of possible future scenarios in your family’s story. For example, you may leave your assets to your partner but explain in the will that in the event of your partner’s death, those assets go to your children. In the unlikely scenario in which you die together with your family, such as in a car accident, what happens then? In this event, you may want to name someone outside of your immediate family or a charity.

3. Choose an executor

The next step is to appoint an executor - the person you name in your will to administer your estate (your money and assets).

The executor will take charge after your death and get a grant of probate, giving them the permission required to access your legal documents, collect your assets, make sure your bills and debts are paid, and then distribute the estate according to the instructions in your will.

Choose someone you trust to be the executor of your will, who will be able to administer your estate according to your wishes. Don’t forget to tell your executor that you have chosen them so that they can be prepared. We recommend that you speak to your executor about any instructions for your funeral (theme, music, party or sombre, for example) and any unusual aspects of your will, such as leaving someone out who may expect to be in.

4. Organise your Power of Attorney

Next, you need to prepare for a scenario where you’re not of sound mind or unable to make decisions due to being injured or sick.

To prepare for these situations, you should organise a Power of Attorney so that someone can act on your behalf to make financial and legal decisions. You can appoint more than one Power of Attorney.

Read more about appointing a Power of Attorney here.

5. Organise an Enduring Guardian

Consider writing a care plan to help direct your health care if you’re seriously ill or injured. You may want to include instructions around life support, resuscitation on life support, pain relief and organ donation. You can put your preferences in writing by completing an Advance Care Directive and nominating someone to make medical decisions if you can’t. Talk your wishes through with the person you nominate and give them and your GP a copy of your care plan.

Read more about organising Enduring Guardianship here.

6. Store your documents safely

Draft a document listing all your passwords and accounts, such as:

Automatic payments
Bank account details
Debts, including loans
Insurance
Investments
Superannuation

It’s worth writing this kind of information in an envelope and storing it with your will, bearing the statement “Open in the event of my death”. Similarly, passwords are particularly important as without them, your friends or family may be unable to access your phone, computer, social media accounts or emails. If you’re concerned about security, you may wish to store these documents securely, such as in a safety deposit box or fireproof lockable filing cabinet. These types of storage are available from most office supply stores, such as Office Works and others.

FAQ

What does an executor do?

An executor is responsible for administering your estate. For example, this includes collecting assets, paying debts and taxes, as well as distributing the remaining assets according to the Last Will.

Who cannot be my executor?

An executor may be passed over or removed for many reasons. To avoid any issues, you should not appoint the following as an executor:

A person who is a minor.
A person who is of bad character (for example, they have committed a serious crime).
A person who is overseas for a prolonged period.
A person who is in ill health.
A person who doesn’t have legal capacity (they aren’t competent to deal with the estate).
A person who is of unsound mind.
A person who has disappeared.

What is an alternate executor?

The alternate executor(s) will assume all responsibility for administering your estate if the executor you selected is unable or unwilling to act or continue to act.

Can my executor or alternate executor also benefit from my Will?

Yes, your executor or alternate executor can still receive gifts in your Will.

When is a child considered dependent?

Dependent children include children who are:

Minors;
Attending school or a post-secondary institution full time and are under the age of 25; or
They are no longer minors, but they cannot support themselves due to a mental or physical condition.

What is a guardian?

A guardian has the same authority as a parent and is responsible for caring for your minor or dependent children.

Who can be a guardian?

The guardian must be an adult of sound mind.

How will property or assets be held if my minor beneficiaries have to wait until a certain age before they receive their inheritance?

Your executor will hold the property in trust until the child reaches their chosen age.

Is there anything I cannot give away?

There are some restrictions on gifts. You cannot give away:

Your spouse or de factor's property
Proceeds from financial instruments that already have beneficiaries (such as a life insurance or retirement fund)
Jointly held property where the other party automatically receives your share upon your death (e.g. Property owned in joint tenancy)

Can I appoint a pet caretaker?

Yes, you can. Alternatively, you can give your executor the option to appoint a pet caretaker for you.

Are funeral directions in my Will legally binding?

No, they are not.

Furthermore, your Will may not be read until after funeral arrangements have already been made.

We recommend that you discuss your wishes with your loved ones now.

Make a will