As you would be aware, Wills are extremely important documents and their accuracy and content will directly impact your loved ones when you pass away. It is important to keep your Will up to date, or to have a Will prepared if you don’t already have one. Everyone who is over the age of 18 should have a valid Will.
Apart from making it simpler for those family or friends left behind in managing your estate, if you don’t have a Will, when you die, your assets will be divided according to the rules of intestacy. These are rules set out in legislation that dictate where your assets will go and of course may not necessarily be as you would have wished.
Your Will really is your opportunity to direct where you would like the assets you may have accumulated over your lifetime to go. It is also an opportunity to indicate to your family your wishes about other important matters, such as who should be the guardian of your children.
Events in your life may have resulted in your Will becoming ineffective in distributing your assets in the way you intended, or even invalid. You should update your Will if you:
- Married since you last made your Will
- Had children since you last made your Will
- Have named an Executor or Beneficiaries in your current Will, who have died
- Have nominated specific gifts in your Will that are no longer valid, for example, you have left someone a property that you have since sold
- Have separated from your partner since you made your Will
- Have significantly changed your assets since you made you Will
One common misconception is that any superannuation you may hold is distributed in accordance with the terms of your Will. This is usually not the case and if you are unclear as to how that may be distributed, you should take the time to review your policy.
Also note that you may be eligible for life insurance that is included in your Superannuation policy and you need to ensure that this too is distributed according to your wishes.
We are experienced lawyers who practice in this area and can help you review your estate planning and establish a Will so you and your family don’t encounter any problems. They make preparing your estate plan straight forward and worry free.
If you need any assistance contact one of our lawyers at cairns@wgc.com.au or call 07 4046 1111 for a no-obligation discussion and for expert legal advice.