Will making is often neglected, yet your will is one of the most important documents you will create in your life. The consequence of not having a valid will at death is intestacy. The Succession Act dictates what will happen to an estate of an intestate person, and often these rules do not always accord with what one might wish. Additionally, the Succession Act is not fixed for all time and should the legislation change, the way the estate is distributed will change.
Today, there are complex family units such as blended families and second marriages. You may wish to protect the rights of the children of your first marriage.
If you don’t have a will you will die intestate.
Someone will then be required to make an application to become an administrator of your estate and distribute your estate according to law. This is more expensive, complicated, upsetting and may be not what you want.
Where will your assets to go?
A will legally recognises your wishes regarding the distribution of your assets after your death.
- Funeral planning
- Appointing an executor
- Gifting specific items
- Directions about who receives your money, property, shares, life policies and superannuation
- Guardians for children
- Asset protection
- Minimisation of taxation liabilities
- Trusts to care for vulnerable beneficiaries
Creating a new will
You should make a new will if
- You are over 18 years of age
- You have married or divorced since your last will
- Your circumstances have changed