October 2001 Volume 82 Number 10 "serving the protectors"

Making a will is one of the most important legal and financial steps we ever take, yet many people still hesitate at the idea of making a will. Some people may even consider the thought of creating a will too difficult, too daunting or too expensive.

In an effort to help demystify and simplify the process of making a will, Police Credit Union is pleased to offer the latest in the Take Control series of consumer education booklets providing practical advice on wills.

Making a Will of Your Own - A Simple Guide also aims to explain the importance and benefits of making a will to younger people who have yet to consider making a will.

Four out of every 10 people do not have a will and risk the State deciding what would happen to their assets and possessions if they died. Creating a will of your own and understanding your rights can actually bring peace-of-mind to both you and your family.

A valid will must contain:

• The formal statement including the name and address of the person making the will.
• A statement that rules out any wills you may have made previously.
• The appointment of a supervisor (or body of supervisors) to carry out your wishes (known as the executor).
• A statement describing what you are giving to your beneficiaries, that is the people who will inherit your assets.
• The date of the will.
• The formal ending to the will where the will-maker and two witnesses sign.

Common mistakes when preparing a will could be avoided by:

• Keeping it up to date.
• Making sure its location is known.
• Complying with the basic form of a will
• .Making sure that if you want to omit someone from your will, this is clearly stated.
• Don’t ask beneficiaries or their partners to witness your will - if they do, they won’t be entitled to any part of your estate.

Your free copy of the booklet Making a Will of Your Own is available by phoning Credit Union Services on 131 128.

Further information is available from the Law Consumers Association, which has a free will kit that can be downloaded from their web site at www.lawconsumers.org. Legal Wills Made Easy (www.legalwills.com.au) provides information on do-it-yourself will kits as well as links to qualified professionals.

PGA VISA cards - for your information

PGA members have the option of a special VISA card. A new PGA Visa card will be supplied with a new PIN and a new card number. You can call into any of our branches and change the PIN on your new PGA Visa card.

If you previously made arrangements with another party (eg. merchant or charity) to automatically debit your Visa card for regular payments, you should advise them of your new card number.

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