If you want to ensure that your assets are distributed the way you want after your passing, a valid will is the most important legal document you can have. If you don’t have a valid will, the law will decide what happens to your assets, and these decisions might not always align with your intentions. This can also cause stress and problems for your loved ones, which nobody wants during an already difficult time. Here’s why all Australians should have a valid will.
Intestacy describes the circumstance where a person passes away without a valid will. When this occurs, the courts use standard legal formulas to distribute your assets. This can cause severe complications for families, as there are no clear records of your intentions. For example, a portion of your assets may go to a relative that you wouldn’t have included in your will if you had one. You’ve worked hard to grow your estate, so you want complete control over where it goes.
One of the most important reasons to create a will is to ensure your family is looked after following your passing. A will lets you specify exactly how your assets are distributed, appoint guardians for minor children, and make special provisions for other family members if necessary. A will is the best way to ensure your family is financially secure when you’re no longer there to provide.
Life circumstances often change, so it’s just as essential to keep your will updated as it is to make one in the first place. Many life events can trigger the need for a will update, such as having children, getting married or divorced, or even acquiring significant assets previously not included.
*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.
