Having a valid Will is the best way you can ensure that your personal effects and assets Will be distributed in the way that you want them to be following your death.
Why should you have a Will?
A Will allows you to appoint a person of your choice to be the executor of your estate. Your executor is then in charge of administering your estate in accordance with the terms of your Will. Having a Will also allows you to nominate a guardian to care for your children.
What happens when you die without a valid Will?
If you die without a valid Will then the law determines how your assets Will be distributed. This can result in your assets being paid to relatives you have little or no contact with. It can also cause considerable expense and unnecessary delays in finalising your estate.
When should you update your Will?
Keeping your Will up to date can avoid future problems. Your Will should be reviewed every three years or when your life circumstances change. For example when you get married or divorced, when there is a change in your family situation such as having a child or the death of a family member, or when there are changes to your financial situation.
TGB Lawyers answered common questions about making a Will and other Estate issues on ABC Radio. Click here to listen to the interview.
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