Many people say they “don’t need a will” or “I’ll just get a will kit”, without realising the important consequences of not having a will.
For persons in NSW, if you pass away your estate is managed by the laws of intestacy. In effect, your estate will be passed to the person outlined by the legislation.
There is little to no ability for your or your loved ones to have a say in how your estate would then be distributed.
This can not only occur if you do not leave a will, but it can also occur if the will you did prepare:
- Fails to properly dispose of all your assets;
- Is not properly prepared or executed according to the rules and if you did not have capacity to execute the will at the time of preparation.
It is vital that you prepare a will for the distribution of your assets after your passing, not only does it ensure your estate is managed according to your wishes, but it also means that when you pass you are not leaving your family members with a litany of paperwork and leaving them to navigate to stressful process of intestacy.
If you want to talk to someone about your estate planning, contact our office today.
Written by Lauren Hitchen.