Having a valid Will is pertinent to ensuring that when you pass away, your assets are dealt with and left to the people of your choosing. If you do not have a Will, your possessions and assets will be distributed according to a governmental set of rules, namely, the 'Rules of Intestacy'.
The Rules of Intestacy
Put simply, these rules provide that where the deceased person leaves a partner, but no children, the partner is granted the entirety of the deceased's estate.
If children were left behind, and the deceased persons partner is the parent of that child, the partner still takes the whole of the estate. However, if the child is not the child of the deceased persons partner, the partner is then only entitled to personal effects, the first $451,909 (plus interest), and half of the remaining estate. The balance of the estate then falls to the children of the deceased, where it is distributed equally among them.
If there are multiply partners left behind, the estate is to be distributed equally among them, unless an agreement or order specifies differently.
Ensuring your Will is Valid
Equally as important, is ensuring that you not only have a Will, but a VALID Will. If a Will is rendered invalid, the above rules will apply, which is why it is highly recommended to seek professional legal assistance to draft your Will.
Often, people are inclined to save money by preparing their own Will or by using a 'DIY Will Kit' or an online Will preparation service. Using these services often leads to ambiguities of terms, mistakes, errors, improper formalities, incorrect execution and unclear instructions.
By having your Will professionally drafted and executed, you can relax knowing that upon your passing, your estate will be distributed and dealt with according to your wishes.
When Should I Get a Will?
Everyone should have a Will. It protects your assets from being dealt with in a way that you may not have wished for.
However, Wills do become more important to have for those who are in any of the following circumstances:
if you are getting married, or are newly wed
if you are starting a family or planning to
if you have separated from a partner
if you are getting a divorce, or are divorced
if you are involved in a business
if you are elderly
if you are unwell
if you have large assets
Are Wills Expensive?
Wills can be expensive, and the price usually varies depending on the complexity of the Will. There are standard Wills (where the whole of the estate is typically left equally to children, or to a spouse, for example), and more complex Wills which may involve trusts, businesses, companies and more.
At Willerby's, we understand how daunting legal services and fees can be. Which is why we pride ourselves on our provision of affordable, cost-effective and professional services to all of our clients. Please feel free to view our pricing under 'Book Now', and give us a call on
(03) 9781 2899 to book an appointment.
If you have any more questions regarding Wills and Estate Planning, please do not hesitate to contact us.
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