Around 50% of Australians do not have a will, but when unexpected events occur, a valid will ensures your children are taken care of, tax is minimized and your estate is distributed in your chosen way. These days, wills are inexpensive and easy to write with the help of a lawyer.
So, do I need a will? Here are 4 reasons why making a will should be your No.1 priority:
Minor children are taken care of
If you have children under the age of 18, a will can be used to nominate guardians and can detail how you would like your children’s education and maintenance to be managed. You can also designate the assets you intend to leave in trust for your children and nominate trustees to manage your assets.
Assets are allocated between people
You may wish to leave an artwork to a granddaughter, or promised a nephew your favourite wrist watch. Wills formalise who receives your possessions and help prevent conflict between family members.
If you’re not married, it is vital that both partners have a will
Assets are not automatically transferred between couples who are cohabitating, so it’s important to write a will so assets don’t pass back to other family members, instead of the surviving partner.
To nominate an executor
A will can be used to nominate a trusted friend or family member to act as the executor of your estate. The executor manages the estate, fulfils stated requests and manages everything from distributing assets to settling debts.
If you need assistance with any area of Family Law, do not hesitate to contact us on 9963 9800 or via our contact form here.