Those who don’t have a valid Will are overlooking a significant opportunity to plan for their family’s future. Writing a Will can help when distributing assets upon death, choosing executors, setting out funeral arrangements and even appointing guardians for infant children.
While many Australians already have a Will, a number of those have a Will that does not reflect their current circumstances.
Having a Will is not only important to those who are wealthy or old; a Will is an important document for individuals to have at every stage of life. Here are five reasons why:
You must have a Will to legally choose who will benefit from or inherit your estate upon your death. When you die without a Will, legislation in the relevant state or territory will determine who benefits from your estate.
- Care of infant children
To legally appoint guardians for minor children you must have a Will.
You can avoid many unnecessary legal claims against your estate if you have an appropriately drafted and valid Will.
The administration of your estate can be time-consuming and costly, so having an appropriately drafted and valid Will can make this process more efficient, saving time and money.
- Family business
Having a Will ensures that the right people are in the right positions to continue the business during the administration of your estate.