Why You Must have a Valid Will?

A will ensures that your family's needs are met according to your wishes, when you die.  Aside from distributing your wealth and assets to family members, a will can also be designed to encompass a range of requests including:

• Providing for children from a previous relationship.
• Providing for children with special needs.
• Excluding immediate family.
• Guardianship of your children.
• Assets that do not form part of your estate (such as family trust assets).
• How to best meet your charitable objectives.

When leaving a will, you must decide:

• Who to appoint as your executor?
• Who will receive your assets when you die?
• How and when your assets will be distributed?

An effective will should be designed according to your personal and financial circumstances and also take into account non-estate assets such as superannuation death benefits.

What happens if I don't have a will?

If you die without a will, therefore without an executor, the court will appoint an administrator for your estate.  It can take months for this process to be completed and there is no guarantee that your dependents will receive what you may have intended.