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Week 1: Wills - Coggle Diagram

- - - - They pool resources during their lives, but also wish that after the death of the survivor, whatever remains go to specified beneficiaries
        
        Whilst revocable by notice to the other party, and able to be varied during the lifetime of the other parties, upon death a will left in accordance with the terms will be bound by law on the survivor.
  - - - Responsible for carrying out the terms of the will.
      - May be more than one appointed executor and will often act as trustee for any resultant trusts.
    - - A guardian may be appointed to have the care and responsibility of any children, should both parents die before the child is 18 s 61E of the Act
  - - - real property
        
        personal chattels
        
        shares and bonds
        
        bank accounts
        
        investments
        
        loans payable to you including loans payable by a trust
    - - Superannuation
        
        Life insurance with a nominated beneficiary
        
        jointly held assets
        
        unallocated assets in a family trust
        
        business interests
  - - - The gift must be made in contemplation of death
      - There must be delivery of the subject matter of the gift or a transfer of the means or part of the means of getting at the property or a transfer of the indicia of title
      - The gift must be conditional upon the death of the willmaker
  - - - A codicil is a addition made to an earlier will. A codicil that refers to a will general terms effectively confirms the will and any earlier codicil. Codicils are used to make minor changes to wills where required.
        
        Where a will is brief, the old will should be destroyed and a new one drawn up. Best practice avoids the preparation of numerous codicils.
  - - - b) by a will or other instrumentmade under an order under s 19 or 21
      - c) by a later will
      - a) under s 14, 14A, 15, 15A or 15B
      - e) by the testator, or someone in the testator's presence and at the testator's direction -
        
        i - burning, tearing or otherwise destroying the will with the intention of the testator to revoke it
        
        writing on the will, or dealing with the will in a way that satisfies the court, from the state of the will, that the testator intended to revoke it
      - d) by a document that -
        
        i - declares an intention to revoke the will or part; and
        
        ii) is executed in the way in which a will is required to be executed under this part
  - - - the nature of the custody in which the will was kept
      - the opportunities which the willmaker had of access to it
      - the capacity of the willmaker
      - statements made by the testator
      - evidence on the balance of probabilities that the Will was destroyed by some other cause