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You can expect your
WILL to include clauses starting with an opening statement, revocation
of previous or existing WILLS, appointing executors and trustees, appointing
guardians, funeral arrangements and wishes, specific gifts of personal
property, chattels and money, directions as to the rest of the estate
(usually on trust), payment of debts, distribution of the residue, maintenance
of minors, if any, professional charging clause if appropriate, powers
of trustees, date and attestation signatures and witnesses. Common
Legal Words Used In A WILL A WILL must be executed
to become effective and valid as per WILLS ACT 1837. It must be in writing,
signed at its foot or end by the testator (or by some other person in
the presence and by the direction of the testator). Execution by the testator
verified by two witnesses who are present at the signing and witness the
WILL in the presence of the testator. Usually, it is best to have disinterested
parties witness the WILL. Anyone who would benefit under the WILL lose
that benefit if they serve as a witness The advent of a new
marriage will invalidate all WILLS made before the date of the marriage
unless the WILL was made in contemplation of marriage. Per the Property (Relationships)
Act 1976, the surviving partner shares the relationship property as if
the relationship had ended while the deceased was still alive. This generally
holds true for married persons, civil unions, defacto partners and same-sex
relations.
FACTS
ABOUT WILLS
Having
a WILL allows you to give legally binding instructions regarding how your
estate will be dealt with after death. Your estate can include all your
earthly belongings including real estate, cash, stocks, bonds, securities,
clothing, collectables, furniture etc. Anyone can have a WILL if they are
over 18 years of age or who has been married. A person who is older than
16 but never married can make a WILL with consent of the District Court
Judge or Public Trustee. The rules regarding drafting of a WILL are less
stringent for certain persons known as "Privileged Persons". Privileged
Persons, such as armed forces personnel during war, mariners at sea and
prisoners of war, may not need to comply with the formal requirements of
the WILLS ACT 1837.
Testator: the person making the will and whose estate
it concerns.
Beneficiary:
a person who will gain a tangible benefit from the terms of the WILL such
as money, or a gift.
Legacy:
a gift made by a WILL
Residue:
That which is left after legacies, debts, and expenses have been paid.
Ademption:
failure of a specific legacy if the property is not in the estate at the
time of deth of the testator.
Abatement:
the concept that debts are paid first from the residue, then from general
legacies, and then from specific legacies.
Lapse:
if a beneficiary under a WILL dies prior to the testator, their gift lapses,
and is not due to them.
Partial
Intestacy: IF the testator has property not covered by
the WILL, this proerty may not be covered by the WILL and becomes part
of an intestate estate, even though the remainder of the testators' estate
is not intestate.
Contingent
Interest: means an interest dependent on a specified event
happening, such as the beneficiary reaching a certain age.
Vested
Interest: the beneficiary gains an indefeasible interest
in their gift under the WILL when all conditions attaching to that gift
are met.
Codicils:
are testamentary documents used to add to, vary, or partly revoke an exisitng
WILL.
