Will
Will
A Will is a written document which declares how your estate assets are distributed on your death. For a will to be valid in Australia, certain requirements must be met. If you do not have a valid will when you die you create an ‘intestacy’ and your assets will be distributed in accordance with the laws of intestacy. If you do not have any next of kin your assets may end up in the hands of the government. Therefore, it is extremely important to form a will and to receive proper advice.
It is also important to discuss your asset distribution methods with your family as some of your choices may upset your loved ones. For example, if you intend to leave a significant portion of your estate to a charity or a non-family member, it is important to discuss your plans in advance. If you don’t, not only are there likely to be hurt feelings, anger and resentment aimed at innocent parties, but you may increase the likelihood of your will being contested.
Making a will is one of the most important steps you can undertake to safeguard your family assets after your death. Making a Will begins with good Estate Planning to ensure you have put into place the right strategy to safely transfer your assets to your family. Prudentia Legal may assist you with all aspects of your estate.
