2 WIRES guide to Wills and Bequests A Will to save our Wildlife

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4 Your Will Your Choice What is a Will? A Will is a written document that clearly sets out how you wish your propertyand possessions (your Estate) to be divided after your death. A Will is a testament to your lifelong commitments: to your family, your loved ones and the causes you believe in. Who needs a Will? Everybody over the age of 18 should have a legal Will. If you operate a bank account, and especially if you own a house, car or furniture, you will need a Will. Why do I need a Will? A legal Will is the only way for you to ensure that your estate is distributed according to your wishes. The people or organisations that you include in your Will are called your beneficiaries. Your beneficiaries are usually family members, close friends and nonprofit organisations such as WIRES. If you die intestate (without a Will), the State decides which members of your family will benefit from your estate, and the order in which they will benefit. The order of beneficiaries is determined by the Rules of Intestacy. The long title of the Act which came into effect in 2010 is An Act to amend the Succession Act 2006 and the Probate and Administration Act 1898 to revise and re-state the rules for distribution on intestacy: and for other purposes. 4 WIRES guide to Wills and Bequests A Will to save our Wildlife

5 The new rules may not bear any relation to your wishes. Did you know that if you die without a Will, and you have no family members closer than a cousin, your estate will automatically pass to the Crown? The Rules of Intestacy do not take close friends into account, and they will not remember nonprofit organisations that are dear to you. Do you really want your life s work to be distributed according to a set of rules? Who should I include in my Will? Deciding who you wish to nominate as beneficiaries requires careful thought. Always look after your family and friends first. Then think about other beneficiaries. You may wish to help native orphaned and injured animals by leaving a bequest to WIRES. How do I make my Will? First, prepare a list of your assets this is your Estate. Ask our Bequest Officer for a copy of our free personal record booklet, My Wishes, My Family. This will assist you with this task. Decide whom you wish to benefit from your Will these are your beneficiaries. Decide how you wish to divide your assets amongst your beneficiaries. Choose someone you trust to be your Executor. The Executor, who may also be a beneficiary, is responsible for seeing the terms of the Will are carried out. WIRES guide to Wills and Bequests A Will to save our Wildlife 5

6 Choose a solicitor to help you prepare your Will. Your solicitor will ensure the following: That your Will clearly sets out your wishes for the distribution of your Estate That your Will is signed and dated by yourself, the Testator That your signature is witnessed by two independent people, who are not beneficiaries of your Will Leave your Will in a safe place (usually it would be entrusted to your solicitor). Keep a copy of your Will amongst your personal records, with a note explaining where the original is kept. Inform your appointed Executor of their future role, and of the location of the Will. Review and update your Will regularly. Where do I go to make a Will? In order to ensure that your Will is clear, legible and legal, you should consult a solicitor or other legal practitioner, such as a trustee company. 6 WIRES guide to Wills and Bequests A Will to save our Wildlife

7 When do I need to make my Will? Now, if you do not have a Will. If you already have a legal Will, remember that you should review it every five years or whenever your circumstances change. According to the law, marriage and divorce may automatically cancel your Will. Other circumstances that may affect your Will are: The birth of a child or grandchild The death of a beneficiary An inheritance The purchase or sale of an asset such as life insurance, or a home The purchase or sale of a business There are two ways to update your Will: 1. Make a new Will 2. Add a Codicil to your existing Will. A codicil is simply an addition to an earlier Will in a separate document. It must meet the same formal requirements as a Will. Please speak to your solicitor or trustee company and be advised as to which course of action is the most appropriate for your circumstances. What is a Bequest? A Bequest is simply a gift in your Will. WIRES guide to Wills and Bequests A Will to save our Wildlife 7

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10 I wish to leave a gift in my Will to WIRES. How do I arrange this? There are three main ways in which you can leave a bequest to WIRES. A proportion Leaving a proportion of your estate means that your gift will not be affected by fluctuations in the size of your estate. I give and bequeath (free of all duties)....% of my estate to WIRES NSW Wildlife Information Rescue and Education Service Incorporated, PO Box 7276, Warringah Mall NSW 2100, in aid of that Foundation and for its general purposes, with the written acknowledgment of WIRES to be accepted by my executors as a full and complete discharge. The residue It is extremely important to include a residuary clause in your Will, in order to dispose of any assets not otherwise mentioned. I give and bequeath (free of all duties) the rest and residue of my estate to WIRES NSW Wildlife Information Rescue and Education Service Incorporated, PO Box 7276, Warringah Mall NSW 2100, in aid of that Foundation and for its general purposes, with the written acknowledgment of WIRES to be accepted by my executors as a full and complete discharge. 10 WIRES guide to Wills and Bequests A Will to save our Wildlife

11 A fixed sum Nominating a specific amount in your Will is the simplest form of bequest. I give and bequeath (free of all duties) the sum of $... to WIRES NSW Wildlife Information Rescue and Education Service Incorporated, PO Box 7276, Warringah Mall NSW 2100, in aid of that Foundation and for its general purposes, with the written acknowledgment of WIRES to be accepted by my executors as a full and complete discharge. How do I make my gift? Contact WIRES Bequests Officer and inform them of your intention. Then you will need to make an appointment with your solicitor or trustee company. If you do not have a solicitor our staff can provide you with a list for you to choose from. It is that simple. Become a member of Eternally Native. As a supporter and friend of WIRES, you may have already left a legacy including WIRES in your Will. We applaud your generosity and great foresight. Please let us know so we can thank you and name you as a member of our benefactors club, Eternally Native. WIRES guide to Wills and Bequests A Will to save our Wildlife 11

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