A Will is a legally binding document which enables you to leave your assets to your loved ones in a way which will comply with your legal obligations and minimise the possibility of a challenge to your wishes. It enables you to choose your Executor and to determine how your assets will be distributed. Your Executor arranges your funeral and calls in your assets so they can be distributed in accordance with your Will. If you do not have a Will, your assets are distributed in accordance with the Rules of Intestacy which may not reflect your wishes and may result in some serious family problems and disputes.
You can have up to four Executors, and unless there is a reason to exclude a child, it is usually best not to choose between adult children.
Carefully considered estate plan will ensure that both are adequately provided for – you may consider giving your Superannuation to your spouse and your house to your children with a right of occupancy to reside in the house to your spouse.
If your children are in business, it may be advisable to have a such a Will to protect their bequest from Creditors.
No. You will need to do a Binding Death Benefit Nomination to ensure that it is paid to your Legal Personal Representative.
Yes. It matters a great deal. If it is owned jointly it passes to the joint owner on your death and is not dealt with by your Will.
You can appoint a Guardian and an alternate Guardian (just in case they cannot do the job) to look after your minor children if you die.
Directions for all of these appointments can be set out in your Will.