3, Sussex Terrace, Hawthorn, South
Australia 5062
Telephone: (+ 61 8) 8172 1222
Contact
Do not attach anything at all to the original Will.
Keep the original Will safe, either in my safe, in a bank safe deposit or in some other secure place. If it is lodged with me, I cannot be responsible for informing executors or beneficiaries of its existence or its contents.
Note on the copy of the Will or on the envelope in which it is contained:
where the original Will is lodged - so that it may be found when needed;
the names, addresses and occupations of the witnesses;
the date of execution of the original Will.
Keep the copy Will with your important papers.
Tell the executors where the original Will is kept and when it was deposited there.
Keep copies of your Will to a minimum, but if you do make further copies, write "Copy" on each page of any copy of the Will.
Revocation of your old Will should be recorded. You can write on your old Will "Revoked by Will dated . . . presently held by . . . .". Your old Will can be filed with the copy of your new Will; or it can be returned to me for filing; or, after discussion with me, you may prefer to destroy your old Will.
You may wish to make a list of your assets to assist your executors. If you do, keep the list with the copy Will. A list of this kind does not form part of the Will itself.
Capital Gains Tax You are required by the Income Tax Assessment Act to keep a register of those assets which are subject to capital gains tax. The register, which must be in English, must, broadly, contain the following information:
the date of acquisition of the asset;
the cost of acquisition;
- details and cost of any capital improvement to the asset;
if any asset is disposed of -
the date of disposal;
the consideration received on disposal.
You should therefore maintain a list of significant assets to satisfy these requirements and that list should be kept with the copy of your Will to assist your executors.
As I advised you at the time of making your Will, I do not tender any advice on the taxation implications of your Will. If you have any concerns about those implications, it is very important that you seek competent accounting or taxation advice.
Reviewing your Will
Your Will will be revoked by your later marriage, unless the Will is expressed to be made in contemplation of your marriage. Please consult me if you intend to marry.
Divorce may affect your Will. The current law in South Australia is that termination of a marriage will revoke those parts of your Will which provided for gifts to your former spouse or appointments of your former spouse (such as appointment as an executor) unless it is clear from the Will or from other circumstances that such revocation was not intended at the time of termination of the marriage. If you are contemplating termination of your marriage, or if your marriage has been terminated since you made your Will, you should seek early advice from me.
If you have deposited your Will with me, it is my normal practice to remind you to review your Will every five years. However, I do this as a service to my clients - it is not my responsibility to do it. You should review your Will at least once every five years or whenever a major event occurs in your family or in respect of your assets. In particular, you should consult me -
if you change your name or the name of any person named in the Will is changed;
if an executor or trustee has died, or has become unwilling to act or has become unsuitable due to age, ill health, mental incapacity or other reason;
if a beneficiary (someone who has been left something by the Will) has died;
if any specific asset mentioned in the Will, as the subject of a gift, has been disposed of or no longer exists (this will mean that it no longer forms part of your estate and cannot be given by your Will) or has changed its character in some way, e.g., shares in a company which has restructured its share capital;
if you have married or divorced or intend doing so; or if you have had children or additional children, including adopted or foster children;
if you have entered or terminated a de facto relationship.
If you wish to change or revoke your Will, or make a new Will, without informing your spouse or de facto spouse, you may do so, but you should consult me for advice first.
Do not add anything to, or delete anything from, the Will after it has been executed. Even the simplest changes to an executed Will must be made correctly or they may have unintended consequences. Consult me if you wish to change or revoke your Will.
Acknowledgement: Butterworths, "Wills", The Australian Encyclopaedia of Forms and Precedents, 3rd Ed, Volume 15