Why YOU need a Will
Why you need a Will
A Will is a legal document outlining how you wish your assets to be distributed after your death. Every person should have a valid and up-to-date Will, especially if you have dependents or if you own property, a business or other assets.
Making a Will allows you to provide for your loved ones, give items to particular people, appoint a trustworthy Executor to administer your Will, make known any specific funeral arrangements you desire, or give a bequest to charity.
What happens if you die without a Will?
Making a Will enables you to make your own decisions about your Estate. If you pass away without a Will you are considered to have died ‘intestate’, and while there is legislation dictating how your Estate is to be distributed this may be in conflict with your intentions. Dying intestate can also create significant administrative work for your loved ones and may mean that your Estate is not distributed in a tax-effective manner.
Why use a solicitor?
A Will is an important legal document that must adhere to certain guidelines to be valid. To ensure that your Will is valid, clear and addresses your specific issues, it is best to ask a professional to prepare your Will. There are many issues to consider such as Estate planning, family law disputes, the risk of Family Provision claims, and taxation matters. If you have a large Estate, a professional can advise you about the significant taxation advantages of creating a testamentary trust. A professional will also notify you about important rules, such as that a Will is invalidated when you are married unless it was made in contemplation of the marriage. Due to the importance of this legal document, we strongly recommend using a professional.
When should you update your Will?
Even if you already have a Will, it is important to keep it updated so that it reflects your current wishes and is relevant for your current stage of life. You should consider updating your Will when there has been a significant change in your circumstances, such as getting married or entering a de facto relationship, a family breakdown, financial difficulties, a family member passing away, having children, purchasing new property or assets, or a change in who you wish your assets to be left to.
If you would like to discuss the option of making a Will, please contact us on (02) 8076 4539.
****For the month of June 2015, we are encouraging our clients to ensure they have a valid and up-to-date Will in place. Accordingly, we are offering a 10% discount on our usual prices. Please do not hesitate to contact our office to discuss.****
This publication is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to render legal advice. The publication reflects the law at the date the publication was written, which may differ at the date the publication is being read. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice.
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