WILLS : The What’s and Why’s
Why Make a Will?
A Will is a legal document which sets out how you want your assets to be distributed upon your death. Having a Will allows you to choose where your assets are to go and to whom.
It allows you to provide for your family, loved ones or friends through the distribution of your estate. Your estate is what you own in your sole name at the time of your death and can include any money, houses, land, cars, shares, superannuation entitlements, insurance policies. A Will also provides you with an opportunity to provide for any charities if this is your wish.
If you pass away without a valid Will you run the high risk of your assets being distributed in a way that is not ideal for you or your family.
What happens when there is no Will?
Legislation and the rule of intestacy will determine how your estate will be distributed and to whom. This risks your estate and assets being distributed in a way which may not reflect your wishes.
Why should I review my Will?
Reviewing your Will regularly is highly advisable, and you may be surprised how much your circumstances have changed since your last Will was prepared.
Your Will should be updated if your circumstances change, such as a marriage, divorce, birth or death of a family member.
Why isn’t it advisable to make my own Will?
Making an informal Will at home risks non-compliance with Will-making requirements and render the document invalid. Many Will Kits or homemade Wills made are incomplete and don’t cover all the necessary requirements and clauses making the administration of your Estate not only more stressfully for the people your leave behind but more costly.
Who can make a Will?
Anyone over the age of 18 and that has sound mental capacity can make a Will.
Why should I see a professional to have me Will drawn?
A professional who works in the area of Wills and Estates can assist you with making your Will to ensure your estate is distributed in accords to your wishes. You will also have the security of knowing the Will is prepare correctly and in accordance with legislation.
In this day and age many family relationships are complex and seeking the advice of a professional will ensure that you have the best outcome for yourself and loved once.
There are various different options available when it comes to Estate Planning including simple Wills, complex Wills and Testamentary Trusts. It is vital the you speak advice to ensure you end up with a document that protects your wishes and also your beneficiaries.
Please note the above is intended to be commentary and general information. Commentary and general information should not be relied upon and substituted as legal advice. Formal legal advice should always be obtained.
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