Hands up if you have a valid Will?
Unfortunately, many Australians die without validly enforceable Wills and therefore their wishes as to their property and assets are not fulfilled.
If you die without a valid Will a standard formula is used to distribute your property and possession. Usually, this means all your assets will pass to your spouse or children.
The situation becomes MUCH more complex if you have a legal spouse and a de facto spouse (ie you’ve separated and have a new unmarried partner), if you have children from different relationships, or if you die with no spouse and no children.
Hands up to whom one of the above applies?
A valid Will is vital if you do not have close family members or want to leave gifts to friends or charities.
- Every person over the age of 18 with assets should have a Will.
- You will need to appoint an Executor to handle your affairs and step into your shoes, so to speak, when you die.
- You will need to list your beneficiaries, that is, the people who will benefit from your Will.
To read more and find out the answers to the following questions, go to this document, created by The Law Society of New South Wales: https://www.lawsociety.com.au/cs/groups/public/documents/internetcontent/899380.pdf
- Can you change your Will?
- What happens if you marry or divorce?
- Who can you leave your assets to?
- Where should you keep your Will?
- How can a Solicitor help?
NB: Information in this post is from The Law Society of New South Wales.