The importance of having a Will
A Will is an important legal document which deals with how your property and possessions are distributed after your death.
By having a valid will, you are ensuring that your assets are distributed according to your wishes and most importantly, to the people that you want to benefit from your estate.
If you die without a valid will, which is known as dying intestate, your assets will be distributed to certain family members according to a set formula depending on your family circumstances at the date of your death. The rules of intestacy and the set formula which applies also differ from state to state within Australia, potentially creating even greater uncertainty.
Many people do not have a will, and there is a common misperception that unless you own real estate you don’t need a will. This couldn’t be further from the truth! A will deals with much more than simply real estate, including bank accounts, shares, cars, and even superannuation that you own. It also appoints an executor, that is a person or persons to administer your estate and who will pay any debts and make distributions to beneficiaries in accordance with the terms of your will.
It is crucial that you have a valid will in place to ensure that your assets are dealt with according to your wishes after your death. There are a range of factors to consider when making a will, and Turner Freeman Lawyers have experts in Wills and Estates Law that will be able to guide you through the process of making a will.
Why choose us
Turner Freeman has also recently been named one of the Leading Wills, Estates & Succession Planning Law Firms in New South Wales by the well-regarded Doyle’s Guide.