Importance of a Will

If your Will is not drafted carefully, it can be invalid or open to challenge.

Having a valid Will is the only way to ensure that your assets are distributed according to your wishes. Far too often, families experience unnecessary worry and expense when a family member dies without leaving a valid Will.

In some instances, if you don’t have a valid Will at the time of your death, your assets may be distributed in accordance with the formula set out in the Succession Act. In some cases, your assets can end up with the State, and not with your loved ones.

A properly structured Will also ensures your estate can be passed onto your beneficiaries in the most tax-effective way.

If you have a current Will, we recommend that you review or update your Will if any of the following events apply to you:

• If you get married or intend to get married or enter a de facto relationship.
• You separate or divorce.
• You have children.
• A person mentioned in your Will dies.
• You sell or purchase real estate or make some other investment.
• You are involved in a business, company, or trust.

In addition to ensuring your Will is valid, you should also consider assets that do not form part of your Will such as:

• Superannuation.
• Life insurance.
• Jointly held assets.
• An interest in a business.
• An Enduring Power of Attorney.
• Advanced Health Directive.

Please contact us today to discuss your situation.