WHEN DO YOU NEED A WILL?
As at 13 May 2021
A Will is a practical document that directs the distribution of your personal property and assets following your death.
If you die without a Will (intestate) then State laws will govern who receives your property and assets.
One’s mortality is not something anyone wants to dwell on, but it is something you need to prepare for.
Anyone over the age of 18 years can prepare a Will.
You need a Will:
- If you have a positive net worth.
Having a Will ensures your property and assets go to who you want them to go to. It will also be less stressful for family if you have a valid Will.
- If you get married.
In most cases your spouse would inherit your property and jointly owned assets, but it is best not to take for granted that this will happen, particularly if you have children. With children, the laws of intestacy can cause families unnecessary hardship and costs that can easily be avoided with a valid Will. Also, if you would like someone else besides your spouse to inherit items then you need a valid Will.
- If you have children.
If you would like children to get specific items, or you want them to inherit after your spouse, or alternatively if you do not want a child/children to inherit (for whatever reason) then you need a valid Will.
In your Will you also name an Executor (responsible for distributing your property and assets) and a Guardian for children under 18 years (responsible for taking care of your children). It is important to have a say in who these people are and you can do this by making a valid Will.
- If you are a small business owner. It is important you carefully consider who will control the business.
If any of the above apply to you and you would like to discuss making a valid Will, then please contact us.
