Estate Planning 101: Why is it Important to Have a Valid Will?

Today we’re thinking about wills as part of our Estate Planning 101 series.

Did you know that an estimated 52% of Australians don't have a valid will?

With that statistic, you’d be forgiven for thinking a will isn't such a big deal. So, why is it so important to have a valid will?

Well, if you don’t have a will, you don't have any say about how your estate is going to be distributed after you die. If you die without a will, that's known as dying intestate and your estate will be distributed to your relatives in accordance with legal formula called the Intestacy Rules. Every state and territory has its own and those rules vary quite considerably.

So a will is a really important legal document because it outlines your wishes for when you pass away. It is your opportunity to say how you expect your estate to be distributed, and at a basic level, it includes details of who you want to receive your assets when you die, who you want to receive specific personal items, who you would like to appoint as guardian of any children under 18 years of age, and who you would like to manage your estate. 

With wills, there is no one size fits all approach. There are different types of wills and what is the most appropriate will in the circumstance will depend on a number of factors including the size of your estate, the nature of your assets, how you hold your assets, whether you hold them in your name or jointly with another person, and your family relationships. All of these things have a bearing on what will is best suited to your circumstances.

If you would like to get your will sorted, why not reach out to us today by using our online booking system or by giving us a call on (02) 9159 3885.

Simone Hargreaves

Wills and Estate Planning Lawyer

Director and Principal of The Estate Planning Centre