Having a properly prepared Will is the only way to ensure loved ones are appropriately provided for in the event of your death.
Dying without a Will can result in dire consequences as your estate will be distributed in accordance with a fixed formula determined by the government, regardless of your wishes. Recent changes to these formulas in some States make it more imperative than ever that everyone has a properly prepared Will.
Surprisingly however, after years of hard work and the accumulation of assets, a majority of Australians do not have a current Will, and those who do rarely review them.
Having a Will is not compulsory; however it offers many benefits and will ensure that:
- Your estate is distributed as you wish
- Your preferred executor is appointed
- You choose the guardian for your children
- Vulnerable beneficiaries are protected