Why is it important to have a Will?

Let’s start with a few questions…

Do you have a bank account?

Do you own a car?

Do you own a house or have a mortgage?

Do you own any other property or perhaps you have some shares?

Do you have children?

If you answered ‘yes’ to any of these questions, then it is important to prepare a Will.

Having a valid Will enables you to make decisions while you are living, about how to provide for your dependants and those you care about after your death, or who will be entitled to inherit from your estate. This may also include providing clear instructions about who you would want looking after any children if you passed away unexpectedly, instructions about your superannuation, testamentary trusts, special disability trusts, rights to reside, Specific Gifts or burial instructions. You may even choose to leave clear instructions in respect of any pets.

When considering an executor, there are some things that are helpful to think about. This person should have qualities that will support them in liaising with a variety of stakeholders in order to carry out your wishes. For example, being honest and trustworthy, being a good communicator, being organised and able to keep records.

Although many people do not think about preparing a Will until they have had children or until they are older, it is a good idea to consider getting legal advice and preparing a Will sooner rather than later, particularly if you own property, have recently become divorced or ended a long term relationship, or have any circumstances in your life or estate that may be complex. Preparing a Will removes stress and doubt by leaving clear instructions about how you would like your estate to be dealt with or how you would like your family cared for.

If you would like to discuss preparing your Will, or reviewing your current Will to ensure that it accurately reflects your current circumstances, please feel free to contact Bayside Legal on reception@baysidelegalservices.com.au.