10% OFF*
Single documents

up to 22% OFF*
Multi-document bundles

Offers apply to

Simple Wills
Powers of Attorney
Advance Care Directives

*Offer may be withdrawn at any time, without notice.
*Specific savings on bundles confirmed when making appointment.

A quality Will is an investment in your family’s future

It’s surprising how many people put off estate planning, or don’t consider it at all, but having a sound estate plan provides peace of mind whatever stage of life you are at.

If you die intestate (without a valid Will), an administrator appointed by the court will pay your bills and taxes from your assets, then distribute the remainder according to the rules of Intestacy. This pre-determined formula may conflict with your wishes. This process may also take a significant amount of time before your beneficiaries receive their share of the estate. Moreover, dying intestate is the most likely cause for the recent spike in Inheritance Claims, which only adds to the uncertainty and stress of grieving loved ones.

A Will is a legal document that sets out your final wishes. In accordance with the Wills Act 1936 (SA) a valid Will is one that meets specific technical requirements. These include the Will being in written format, signed by the testator (the person making the Will) in the presence of two independent witnesses (18+ years of age) who are present at the same time. The signatures of the witnesses must be made in the presence of the testator. A Will should also be drafted and signed by someone of sound mind, memory and understanding – without any undue influence.

Keeping in mind that a Will only comes into effect after you die, there are other estate planning considerations including:

• A Power of Attorney which allows you to appoint someone to act on your behalf for legal and financial matters while you are alive. A Power of Attorney can allow someone to do anything you can do by law. For example, operate your bank account or sell a property on your behalf. It ceases upon your death, at which time your Will comes into effect.
• An Advance Care Directive which allows you to set out in detail your wishes regarding future healthcare and lifestyle decisions, such as preferred living arrangements. It also enables you to set out legally binding refusals of healthcare. An Advance Care Directive enables you to appoint someone (often your loved one) as your Substitute Decision Maker to make these decisions on your behalf when you are unable to make them yourself.
• What happens to your superannuation, which operates outside of your estate asset base?
• Tax implications for your beneficiaries.

Another consideration is whether you need a testamentary trust which is set up in your Will to protect assets. It is administered by a trustee who is usually appointed in your Will.

Some reasons why you would create a testamentary trust include:

• The beneficiaries are minors;
• The beneficiaries have diminished mental capacity;
• You do not trust the beneficiaries to use their inheritance wisely;
• You do not want family assets split as part of a divorce settlement; or
• You do not want family assets to become part of bankruptcy proceedings.

In recent years there has been an uptake in home-made and online Wills. On the face of it they seem an inexpensive solution but it is very much a case of buyer beware. Low-cost Will options are often found to be low-quality and more expensive in the long-run. These types of Wills are also often found to be invalid for not meeting the requirements of the Wills Act and the Probate Rules. Once again, this means your Will is set aside and your assets distributed according to the rules of Intestacy - which may conflict with your wishes.

Below is a table highlighting the differences between a Scammell & Co Will and a home-made or online Will.

SCAMMELL & CO WILLS

HOME-MADE and ONLINE WILLS

Legally valid.

Will is informal if not signed and witnessed according to the rules of the Wills Act and the Probate Rules

HOME-MADE and ONLINE WILLS

10% OFF*
Single documents

up to 22% OFF*
Multi-document bundles

Offers apply to

Simple Wills
Powers of Attorney
Advance Care Directives

*Offer may be withdrawn at any time, without notice.
*Specific savings on bundles confirmed when making appointment.