What would happen to your kids if the unthinkable

							                                                                      


            What would happen to your kids if the unthinkable happened?
                  Over 60 per cent of parents need to write a Will

Do you know who would take care of your children if the unthinkable happened? Where
would they live? How would they be educated? Over 60 per cent of parents with children
under the age of 18 in New South Wales do not have a Will with similar figures reported
around the rest of Australia, according to NSW Trustee & Guardian, organiser of this year’s
Good Will Week (12-18 September 2010).

NSW Trustee & Guardian, formerly Public Trustee NSW, was established over 95 years ago
by an Act of Parliament and is the state’s leading Will maker, and has written and
administered hundreds of thousands of Wills and estates and seen all types of family
situations.

“We see the impact that can occur when death occurs in a family where couples have not
written a Will. Apart from the increased delay and expense, people risk leaving their children
and extended family in unnecessary financial and legal difficulties,” says Imelda Dodds,
NSW Trustee & Guardian.

“There are a number of areas to consider when you have children. You may need to seek
professional advice about areas such as trusts and tax effectiveness, and to make sure your
estate is divided up in the way you wish, as well as making legal provisions for particular
beneficiaries.

“Making a Will can involve confronting some very personal issues: for example, who would
act as guardian for your children? Where would you want them to live? How would you
want them to be educated? What sentimental gifts would you like them to inherit? Unless
you make a Will, you miss out on the chance to make particular provisions for these things,”
she says.

New inheritance laws came into effect in NSW earlier this year to more accurately reflect
how people generally wish to distribute their assets if they die intestate i.e. without a valid
Will. For example if a person dies, leaving a spouse as well as children of one or more
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spouses (spouse means married spouse and domestic partner), then the spouse or spouses
inherits the whole intestate estate and the children do not receive any benefit.

However where there are children of another relationship other than those of the current
spouse or spouses – such as children of an ex-spouse or ex-domestic partner – the estate is
divided according to a formula between the spouse or spouses and children.

“The concept of ‘family’ can be quite complex with increasing numbers of families made up
of children from second and third marriages and de facto relationships – and the new laws
make no distinction between ‘full’ and ‘half’ siblings,” she adds.

These laws do not apply if you have a legally valid Will.

When writing your Will, one of the most important things to do is to choose an executor –
that is, someone who can administer the Will. Unlike asking someone to be your best man or
bridesmaid, the role of executor is not necessarily a compliment and can be quite complicated
from a legal and financial perspective. The executor may be required to sell property and
other assets, make investments, ensure any children under the age of 18 are looked after, and
even track down long-lost beneficiaries overseas.

NSW Trustee & Guardian, formerly Public Trustee NSW, is encouraging everyone over the
age of 18 to make sure they have a legal Will. During Good Will Week (12-18 September
2010), NSW Trustee & Guardian’s 18 branches will be running special Saturday Wills Days
around NSW for busy people to make their Will appointing an independent, professional
executor that clearly sets out what you would like your spouse to inherit and what you would
like to leave your loved ones.

There’s no charge to write a professional, legal Will when you appoint NSW Trustee &
Guardian as executor as fees are only charged upon administration. The Public Trustee
NSW, now NSW Trustee & Guardian, was created by an act of NSW Parliament over 95
years ago. It is the State’s leading Will-maker and has been helping the people of NSW with
all types of estate planning and administration since that time.


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For every Will written with NSW Trustee & Guardian over the next 12 months - one dollar
will be donated to Variety – the Children’s Charity (NSW). For more information about
making a Will, visit www.goodwillweek.com.au or call 1300 14 24 34. You can even start
your Will online.


                                          -ends-
For further information please contact:
Georgina Policarpou or Gail D’Arcy
The D’Arcy Partnership
Telephone: 02 9281 2230 Email: georgina@darcypr.com




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