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What is a will? Simply put, a will is the intentions of the testator (also known as the will-maker) in the management of his/her wealth after death. It is a legal document written in accordance with law before death, dictating how the Executor is to distribute the legacy of the testator. A will takes legal effect once the testator dies.

Some people fail to set up a will in advance as a result of the following misunderstandings:

• They assumed that their children would automatically inherit their legacy as the next of kin – This is not always the case.

• They feel that setting up a will is not auspicious – In fact, it should be compared to buying life insurance. Being a form of early planning, there is nothing inauspicious about it.

• They do not think they have reached the age to set up a will – In fact, wealth and inheritance planning is an important step in life and needs to be planned as soon as possible.

Risks of Not Setting up a Will

A tyrant clicks his fingers and half the human race disappears. Although this is only a movie plot, and we all expect to live a long life, it is difficult to foresee your fortune. In Australia, making a will is normal and commonly done. It is a rational thing to do for you to plan the distribution of your property according to your own wishes. From another perspective, this is the objective manifestation of your subjective intent for the distribution of property under your name.

Possible consequences of not setting up a will include:

• Your legacy cannot be distributed according to your wishes, and may even be distributed in a way counter to your desires;

• Due to disputes over the distribution of inheritance, your family members may constantly argue over their share, leading to conflicts and destroying harmonious relationships. The uncertain issue of inheritance stems unnecessary family disputes;

• Large expenses may be incurred in connection to the lack of clear intention, such as court fees, legal fees and execution fees;

• Intestate estate distribution procedures and trial time would be much greater than the time spent in establishing a will in the first place.

Establishing an Effective Will

To establish an effective will, it is strongly recommended that you seek professional legal and financial advice. By doing so, you may ensure the validity, legitimacy and clarity of the will, that the beneficiaries receive the protection they deserve, and avoid unnecessary expenses, time and energy spent in litigation or otherwise.

Prudentia Legal is experienced in Wills and Estates matters. In reciprocity of the patronage of old and new clients, we are now launching the Will and Power of Attorney Package. Should you wish to retain our firm to draft a will for you, you may also receive a letter of authorisation for a relevant Australian property at the price of $200.00 (excluding government review fees, registration fees, and other miscellaneous fees) (Offer valid till 30 June 2019). We may assist you in passing on your wealth and make managing inheritance matters a worry-free experience. There are limited places for this offer. Contact our firm promptly for further details.

Please note: The content of our publication is intended for general information purposes only, and should not be construed as legal advice on any matter. Please contact our firm for discussion of your particular circumstances.