Why do I need to have a Will?

Do I really need a Will? Why should I go through all the effort of thinking through my assets and deciding who gets what? Surely my family will be my beneficiaries, and they will be fair in distributing my assets? These might be some of the questions going through your mind if you are considering if you really need a Will. However, there a several reasons why having a Will is crucial.

In NSW if you die without a Will, the government has legislated a set of rules under the Succession Act 2006 (NSW) to determine how your estate is distributed. There is no guarantee that your estate will go directly to the people you had intended, as the Court will follow the intestacy rules to divide up your assets unless there is a contested proceedings which will add great expense to your estate. By having a Will, you can specify how your assets will be distributed once you pass away.

A Will allows you to appoint an executor who will manage your estate and adhere to your wishes in your Will. Without a Will, the court will appoint an administrator to manage the distribution of your estate. The administrator may not be the person who you would have chosen to oversee your estate. Additionally, if you have children under 18, a Will enables you to appoint a guardian to care for your children. Once again, if you die without appointing a guardian, the Court can decide who will look after your children if you were to die whilst they are under 18. A solicitor can help you to appoint an executor and a guardian in your Will.

A Will can also be used to set out wishes for things such as your funeral or allow you to make bequests of family heirlooms or sentimental items to your loved ones. This means that precious items go to the person you intended. A Will can also give you the opportunity to leave a gift to charities of your choosing. A solicitor can help you to draft a Will that outlines your specific instructions.  

Finally, dying without a Will can often lead to family disputes amongst the beneficiaries of the estate. A Will gives clear direction to your family as to how you want your assets to be divided amongst your beneficiaries. A Will can also be drafted in a way that is tax-efficient and reduces the tax burden on your beneficiaries. In addition to this, it gives you peace of mind knowing that your beneficiaries are taken care of in the way that you intended.

If you would like to have peace of mind that your loved ones will be cared for when you die, contact us for a free thirty-minute consultation.

Any information on this website is general in nature and should not be taken as personal legal advice. We recommend that you speak to a lawyer about your personal circumstances.

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