Why is having a will so important? Almost everyone has assets of some kind, so most people will need a Will. For those asking whether you need a Will, the simple answer is “yes”.
Making a legally binding Will is the only way to ensure your estate will be dealt with according to your wishes. This legal document is one of the most important things you can do for yourself and your family.
In this blog, we outline everything you need to know about a Will so you can make the best decisions.
What is a Will?
A Will is a legal document with instructions for who you want to inherit your estate, care for your children, and be the executor of your estate when you pass. It details:
- Who you want to receive your assets
- Who you want to receive specific items
- Any religious or cultural arrangements for your funeral
- Who you want as a legal guardian for any children under 18 years
- Who you choose to be your executor
The Queensland Government have provided helpful resources for wills and probate.
What happens if you don’t have a Will?
There are many disadvantages of not having a Will. If you pass away without having a valid Will, you leave what is known as an ‘intestacy’. This means you have not validly disposed of some or all of your assets.
Your assets will be distributed according to a legal formula. This means that they do not end up with the person you would have otherwise chosen.
Commonly, an intestate estate will be divided up between the surviving married or de facto spouse and children. If there are no surviving immediate family, the assets may be allocated to other family members.
What if I don’t have many assets?
Making a Will can seem like less of a priority for younger people without many assets. It’s a common misconception that your asset pool is not worth making any decisions over.
Most Australians will have a Superannuation account, and a balance that could be a significant asset. You will need to make additional arrangements with your Super fund to organise your beneficiaries.
Having a vehicle or owning shares are also important assets to consider. Additionally, if you have a valuable collection such as handbags or sneakers are also small but important assets.
What if I don’t have any dependents?
Making a Will is just as important even if you don’t have a partner or children.
If you are single without children, a Will can mean less financial risk for others. If you’ve entered a business partnership with someone, you can use your Will to ensure that person is looked after.
How can a solicitor help?
Your Will should be clear and concise because, at the time of its reading, you will not be around to clarify your intentions.
It’s important to have your Will prepared by experts who are experienced in all aspects of estate planning.
It is also recommended to involve your solicitor whenever you want to make changes to your Will.
Get in touch with us
The Cameron Rogers team offers guidance for each individual circumstance so you can properly and efficiently deal with your estate matter.
Reach out to us for an obligation free consultation now on 07 5445 1213 or book a consultation.
Recent Comments