You need a will whatever your age …

D-I-Y will kits? - Many people don’t start thinking about making a will until they are nearing retirement or later. Even then quite a few see it as quite simple and not very important. They may buy a cheap do-it-yourself will kit. They are likely to make mistakes which may cost their next-of-kin dearly after their deaths. You are never too young to make a will. It can always be changed or replaced later, however a well-drafted will should make provision for most things likely to happen in your future.

A professionally drafted will is important - At Kelly & Partners we treat making a will as the serious task that it actually is. A good wills draftsperson needs a thorough understanding of the law of trusts, the Wills Act 2000 (NT) and numerous other statutory and common law principles, depending on individual circumstances. The formalities of making and signing a will are also tricky and can result in a will being held invalid by the Supreme Court.We will explain your options carefully, taking full account of your property and business assets. They may need to be held and managed in trust by your Executor for some time, especially if your will includes giving a significant share of your estate to your minor children. In such a situation your Executor may need additional powers of management and sale to maximise the value of your estate that those children will take over when they reach eighteen.

Professional Executor Service - being an Executor can be hard work, full of responsibility and requiring skill in law and other areas to complete all tasks well. For this reason some people choose to appoint a Professional Executor rather than lay that burden on a family member or friend. Kelly & Partners has significant experience in acting as Professional Executors and our rates usually work out to be less than those charged by the Public Trustee. And we have the genuine care and empathy that Kelly & Partners is known for.

Advance Care Directives - We can also prepare an Enduring Power of Attorney or Advance Care Directive at the same time if you wish, so that a close family member or friend chosen by you can make health and/or financial decisions on your behalf if you develop an incapacity as you get older e.g. Alzheimer’s Disease or another form of dementia. In the Northern Territory binding health and financial directions can be achieved by an Advance Care Directive.

What if I die without making a will (“intestate”)? - This isn’t a complete disaster as some people believe, but it is certainly undesirable. Your estate is not forfeited to the government, it will still go to your next-of-kin and close family members, but your estate is divided into fixed shares for each family member as specified in section 66 of the Administration and Probate Act 1969 (NT) and Schedule 6 of that Act:

• Those fixed shares may not be what you would have chosen had you actually made a will.

• Moreover the legal costs involved in applying to the Supreme Court for a grant of administration of an intestate deceased estate are significantly higher than the costs of obtaining a similar order (called a grant of “probate”) if you die leaving a valid will.

• Last, the costs of administering an estate estate may also be significantly higher, especially if the Public Trustee is appointed Administrator by the Court. For all but very small estates the fees charged by the Public Trustee will usually be significantly higher than those charged even by an experienced solicitor.

Estate planning - As you approach retirement age it is time to review and assess your property and financial circumstances, taking into account:

• the amount of superannuation your and your spouse or partner have accumulated;

• whether or when you may become eligible for a partial Age Pension from the government; and

• whether and when you should sell your family home and downsize to a suitably designed unit or townhouse, buy into a retirement village or move to an aged care or nursing home.

All those decisions have large emotional, financial and legal consequences. At Kelly & Partners we have the experience and knowledge to guide you through the minefield of legal and financial consequences that must be navigated both before and after retirement. We can work together with a licensed financial planner (just about all superannuation funds employ financial planners) or refer you to a financial planner employed by one of our consultant affiliates.