Where there’s a Will, there’s a way!
It’s never too early to write your Will. Your Will ensures your loved ones understand your final wishes.
Help your loved ones by speaking with the Wealthsource Team today to see how we can create your new Will.
How It Works
Chat with the WSL Team
Tell us what your wishes are, who you want to take care of, who you want to appoint are your executors, and to who you want to leave gifts.
We will prepare your Will
WSL will put together your Will, capturing all your wishes, to ensure it is done properly.
Signing your Will
Your valid Will is now ready for signing. You can either sign your Will at WSL or we will provide you with clear instructions on how to sign.
Safe and secure storage
You can store away your Will, or we can store it for you. The option is yours.
Update your Will anytime
Circumstances change? That’s okay. You can make unlimited changes to your Will. Contact the WSL team and we will run you through the steps on how.
Our Australian Online Will process:
Determine the type of will you need
There are several types of wills (i.e., simple wills, mirror wills, testamentary trust wills) that serve different purposes.
There are various factors to consider when making a will and we recommend that you seek independent legal and financial advice to decide the type of will you need.
Determine the assets to be distributed
Make a list of your assets such as your estate, vehicles, jewellery, bank accounts, and heirlooms that you wish to be distributed.
Choose the beneficiaries, executor, and guardian
Once you are certain of the assets to be distributed, you will need to choose the recipients of the assets (i.e., beneficiaries). In most cases, these are family, close friends, loved ones and charities.
You must also determine a person to administer your Will (i.e., executor). We recommend appointing two executors to ensure unforeseen circumstances are covered.
If you have children under 18 years of age, a guardian must be appointed to ensure they are cared for.
Include funeral instructions
You may include final instructions detailing how you would like your funeral to be carried out in your Will.
Execution of Will
Once your will is drafted and you are satisfied, it must meet signing requirements for it to be an operating Will.
Choose where to store your Will
Once your Will is fully executed, you will need to store it in a safe place. It is encouraged to store your Will with the law firm that assisted with the drafting of your Will to ensure that it is protected from destruction and tampering.
The executor and beneficiaries should be informed of where your Will is stored so that they can access the original Will when required.
What is a Will?
A will is a legal document that sets how your estate and possessions are to be distributed.
If you do not have a will in place, the laws of intestacy will determine how your estate will be distributed. The set formula of intestacy limits who may benefit from your remaining assets, therefore, dependents that require support from you may be left out.
Having a will in place allows you to designate your wealth to people you care for and ensure that they are taken care of.
What is a beneficiary?
A beneficiary is a person (i.e., family or friends) or organisation (i.e., charity) elected by you in your will who is eligible to receive distributions.
What is an executor?
An executor is a person (i.e., family, friends, or other professionals) or company (i.e., State Trustees) elected by you to administer your wishes in the will.
When deciding on an executor, they should be trustworthy and capable of collecting assets and discharging liabilities by paying outstanding debts.
The Supreme Court will appoint someone in place to administer the estate if the will fails to appoint an executor.
How do I sign my Will?
Before signing the Will, it is important to ensure you have read the Will, understand the content, and are satisfied it meets your wishes.
You must sign your Will in person in the presence of two adult witnesses. We recommend that your witness is not a beneficiary under your Will.
i. In-person signing
We offer in-person signing for Wills. You may sign your Will at our office located at 4/398 Middleborough Rd, Blackburn VIC 3130.
ii. Remote signing
Alternatively, you can sign your Will remotely using an audio-visual link (i.e., Zoom). At Wealthsource we are equipped to arrange remote signing with you, should this be your preference.
Where should I store my will?
If your original will is lost, you will be deemed to have died intestate (i.e. without a will).
Keeping your original will in a secure place is very important. At Wealthsource Legal we have secured storage and safety mechanisms in place to ensure that your original will is protected and your assets are distributed the way you want.
Can I change my will?
There may be some circumstances (i.e., marriage, separation, death…etc) that warrant an existing will to be altered or revoked.
You can change your will: (i) through a codicil (i.e., legal document used to alter an existing will) or (ii) by revoking an existing will through creation of a new will.
It is recommended to limit the number of codicils executed as it may lead to confusion and ambiguity. If there are significant changes to be made, the latter option should be considered.
Why should I make a Will?
Making a Will allows your executors:
- To reduce any conflict for your loved ones
- To give clarity in deciding who gets what assets, and how any children or pets are cared for
- To administer your estate fuss-free.
What happens if I do not have a Will?
If you pass away without a Will, you die intestate. There is no assurance that your wishes will be carried out, who will care for your children, to whom, and what assets will be gifted. The courts will determine how and to who your assets will be distributed.