What happens to your Australian assets if you die?
The Myths around Australian Wills
Some people honestly believe that the Australian Government will take your Australian assets when you die without your Will. In a way it is true but not fully.
The Truth about Australian Wills
If you hold the Australian assets (real and personal estate), it will be subject to the Succession Law in Australia where your assets exist and a process called ‘Probate’ needs to be done through court. You have to have your Australian Will to do the Probate but it is a simple process and will run smoothly as you have already nominated your executor and successors.
If you do not have an Australian Will, it will be necessary for your family to go through the court application as to whom can be the Administrator and successors in accordance with the State law which may take time and cost, and it may make it hard for your family to discuss such process.
We can help to arrange a simple Will using the term ‘real estate in Australia’ which covers all your Australian assets where you may buy or sell your assets at any time without the hassle of changing your Will.
5 simple steps to having your Australian Will setup
1. Who would be your executor and trustee?
Executor and trustee is the person who gather all the assets of the estate and organise for the successors to succeed.
We would normally suggest that your wife be your executor and trustee, and if she is unable for any reason, then appoint your children over 18 years old.
Generally, we suggest that your wife be your first successor and your children in equal shares if your wife cannot succeed.
To complete the Will, you need 2 independent witnesses.
※if you intend to sign your Will at our Gold Coast or Tokyo Office, we can organise 2 witnesses including myself.
4. after signing
We will keep your Original Wills in our safe.
If there will be any changes in your family circumstances such as marriage, divorce and birth of grandchildren, we recommend that you update your Wills.
We suggest that you re-check your Wills every 3 to 5 years just in case.
5. Our fees for general Wills
We will provide you an quote.
NB: We arrange Wills for NSW and QLD only.