Nobody likes to think about death or for that matter the consequences of death.
Most of us will have family and friends that we will leave behind when we die. Making sure that your affairs are handled in the way you would like and that your family and friends are provided for according to your wishes, can only be achieved through properly prepared and up to date Will.
We've put together a list of 10 reasons why you should have professionally prepared Will:
1. Everyone over the age of 18 years who has family responsibilities or assets or investments should have a Will. That way you can be sure that should something unfortunate happen, your property will be given to the beneficiaries, and your children will be looked after by the Guardians you want rather than those chosen for you by the government and the Courts.
2. If you die intestate or without a Will your property will be distributed according to the laws of the State or Territory in which you lived at the time of your death. That may not be the way you would have wanted your property distributed.
3. You should review your Will whenever there is a change in your personal circumstances. This includes if:
· You marry or intend to marry;
· You have a grandchild;
· You separate from your spouse/partner; or
· There is a major change in your assets or in your financial circumstances.
4. You should review your Will if an executor or guardian nominated in your Will dies or becomes legally incapacitated or if a beneficiary dies.
5. We generally recommend you review your Will every three to five years, if your Will is more than 3 years old, chances are that your circumstances and your desired beneficiaries will have changed.
6. If you don't have a Will you will not have an executor so it will be necessary for someone who has an interest in your estate to apply to the court for the appointment of an Administrator. That will take time and money and you could end up having the distribution of your estate controlled by someone that you might not have chosen yourself.
7. You may have a child with special needs such as mental incapacity, a gambling or drug addiction, a spendthrift or a child with marital problems. Special Wills can be created called Testamentary Trusts which are carefully structured to cater for these circumstances.
8. If you have significant assets a Testamentary trust can make large tax savings . Without a Will such tax savings cannot be achieved.
9. A will usually contains special provisions dealing with your funeral wishes and expresses a preference for burial or cremation. If you and your partner die together your family may be unaware of such requests.
10. In addition to thinking about what should happen when you die you should also think about what would happen if you were to become legally incapacitated but did not actually die. You should think about putting in place an Enduring Power of Attorney to permit another person to conduct your legal and financial affairs.
Contact Tim on 9335 7171 to arrange a complimentary initial consultation or to setup a meeting with a lawyer at one of our 3 offices to get your Will updated.
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