Wills & Codicils

A will is a legal document that sets out your final wishes upon death and will include how you would like your assets, estates and other items to be distributed after death. A Will includes an executor and administrator, who you choose that will carry out your wishes in your Will after death.

Dying without a Will can leave a terrible mess for your family and loved ones.  It leaves them in limbo and causes extra stress and delays for all the jobs that need to be done – bank accounts need to be closed (even if there is no money in them), property needs to be disposed of and debts need to be paid.  

• A Will makes it much easier for your executor  to sort everything out when you die – without a will the process can be very time consuming and stressful on family & friends.
• A Will ensures the right people receive your gifts.
• A will may help reduce the amount of Tax and Duty that might be payable on the value of the property and money you leave behind.
• Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.

If you die without a last will, you will die intestate, which means that state law will determine where your things go according to a set formula—and the results may not be what you would have liked.

Even if you are young, single and have no children – once you are 18 a Will can ease the way for your parents or siblings that will need to sort out what is left behind.

Preparing a Will is very complex and it is wise to seek legal assistance to create your will. At Bailiwick Legal we will help through every step of the process. 

Prior to contacting us, it is best to think of:

• Who you would like to choose to be the executor of you will;
• Who you wish to appoint to be the guardian(s) of your children if you have any; and
• How and who you wish to distribute your assets to after your death.

Yes, you are able to update your will after creating one if you ever change your mind on who your beneficiaries will be. A small update to change slight terms in a Will is called a ‘codicil’.

A codicil provides a more efficient way to update your Will to your needs in a simple process as long as it is drafted up correctly.

Being an Executor can actually be a challenging task and takes time and work.  It is important that you don’t think of it as an ‘honour’ to be bestowed, but to recognise that it can be challenging and difficult. A family member who is nominated may feel very honoured, but they will need to have the time and be savvy enough to fulfil the role.

• An Executor must be over 18 years of age

• An Executor must have mental capacity

• An Executor can also be a Beneficiary

If there is a risk of family conflict it’s possible to nominate a neutral person to take on this role, such as a lawyer, accountant or family friend.  This will provide peace of mind for your loved ones at the time of your passing. Using an independent executor service may come at a cost which is usually paid out of your estate.

If you want to list multiple Executors they need to be able to work together (physically and relationship wise).  It would not be ideal to name your two children who do not get on and live in different countries.

The executor’s duties is to gather the assets of the deceased’s estate and pay any debts left by the deceased. The executor then distributes the remaining assets to the beneficiaries.

Some examples of what an executor may be responsible for include:

• Organising the funeral;
• Closing bank accounts;
• Paying any creditors; 
• Identifying and distributing assets to beneficiaries;
• Looking after assets to anyone under 18 or with a legal disability.