What is a Will?

A Will is a legally binding document particularising how you want your assets distributed after your death.

Everyone over the age of eighteen should have a Will.

Things to consider/include:

  • Who will be the executor? Do you have a substitute in the event your first choice is not available?
  • Funeral plans
  • Future plans for children under 18
  • Setting up a trust and who will manage the trust

What is an Estate?

An Estate is a legal entity formed as the result of a person’s death containing the sum of their assets.

Things to consider:

  • An Estate arises whether the deceased did or didn’t have a Will
  • Debts owed by the deceased are paid from the Estate
  • Life Insurance proceeds and Superannuation benefits can bypass the Estate