What is a will?
A will is a legal document that sets out your wishes for how your assets should be distributed after your death. It plays a crucial role in ensuring your estate is managed according to your intentions and provides peace of mind to your loved ones. Without a valid will, your estate may be distributed incorrectly or according to the laws of intestacy, which may not reflect your wishes.
In addition to distributing your assets, a will allows you to:
· Appoint an executor – the person responsible for carrying out the instructions in your will. This includes managing your estate, paying off any debts or taxes, and ensuring your assets are distributed to your beneficiaries. Having a clearly appointed executor helps prevent confusion and delays during the administration process.
· Nominate beneficiaries to receive your assets – This can include property, savings, investments, personal belongings, or items of sentimental value.
· Appoint a guardian to care for your children – If you have children under the age of 18, your will allows you to appoint a legal guardian to care for them in the event of your death. This is one of the most important decisions a parent can make, providing reassurance that your children will be cared for by someone you trust.
· Provide instructions for your funeral and burial arrangements – Your Will can include your preferences for your funeral, burial, cremation, or memorial service. Knowing that they are carrying out your wishes can bring clarity and comfort to your loved ones during an emotionally challenging time.
· Address any other personal wishes you may have – This might include instructions for leaving gifts to charity, creating a trust for a family member with special needs, or giving instructions for the care of a beloved pet.
Creating a valid will ensures your voice is heard and your affairs are handled as you intended. It also helps avoid unnecessary confusion, delays, or disputes among loved ones during what is already a difficult time.
Do I need a Will?
If you are over the age of 18 and have assets or personal belongings you wish to be distributed according to your wishes, creating a will is essential.
If you die without a valid Will, this is referred to as dying intestate. The distribution of your assets will be governed by the Rules of Intestacy outlined in the Succession Act of the relevant State or Territory. In most cases, your Estate will be inherited by your spouse. However, if you do not have a spouse, your assets will be distributed in the following order:
- – Children
- – Parents
- – Siblings
- – Grandparents
- – Aunts and Uncles
- – Cousins
Your Estate will be passed to the State or Crown, if you die without a valid Will and have no eligible relatives.
Furthermore, the Laws of Intestacy, typically only allow your Estate to be distributed to family members. If you wish to leave assets to friends, charities, or others outside your immediate family, having a valid will is essential.
Drafting a Will is a relatively seamless process which provides clarity, control and peace of mind for you and your loved ones. Whether your estate is simple or more complex, we can assist you to take control of documenting your wishes. It is important to ensure that your Will is legally valid and up to date with any changes in your life circumstances.
Don’t leave it to chance. Contact our team here today to begin the process of creating your valid will and ensuring that your legacy is protected.
For more information on separation and how that impacts your Will, check out our informative article: Separated
or divorced – Why it’s crucial to update your will!
