Why do I need a Will?
- May 18, 2019
- 2 min read
What certainties do we have in life…? As Charles Franklin said…”no one gets out of this life alive…”
Looking back in life one realisation may be that life is about relationships and the special people in that life. Maybe you would want to leave something, your personal belongings or some money to one or more of those special people. The way you ensure achieving that wish, is by way of a Will.
Having a Will, a valid one that is, is therefore very important. Your Will is the guide that states which of your survivors in life will receive your assets, and if drafted properly, it will avoid lengthy court battles over “who gets what”.
Dying intestate, without a Will, means that there is no certainty that your assets will be distributed the way you would like them to be.
When life circumstances change it is particularly important to update your Will. It is generally recommended that you review your Will every three to five years to ensure that it reflects your wishes.
As an example, if any of the following occur it may be necessary to change your Will:
Birth of children or grandchildren
Death of your Executor or a beneficiary
Marriage
Entering into a de facto relationship – particularly if there are children from previous relationships
Separation or Divorce or termination of a civil partnership
Ending a de facto relationship
A change in your financial circumstances
If you get married or enter a civil partnership it is important to note that your Will is revoked or cancelled unless it is made in contemplation of marriage or the civil partnership.
Divorce or the ending of a de facto relationship revokes any gift in the Will to the former spouse or appointment of the former spouse as executor, unless there is a contrary intention in the Will.
A Will also provides you with the opportunity to nominate guardians for your children, establish a trust or donate to charity.
We can assist you in tailor making this very important document, all you need to do is reach out to us by phone, email or message and we’ll gladly assist you.
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