Published on February 25, 2016 10:54 am, by Jen Bakker
Dying without a will, or intestate, gives you no control over the distribution of your assets. Your assets would be distributed by a legal formula relevant to the state you live in. Decisions are made by somebody you do not know or choose. Your assets may be given to somebody you would not leave them to, or somebody you would leave them to may be left with nothing.
According to NSW Trustees & Guardian 45% of Australian’s do not have a valid will. Anybody over the age of 18 who has testamentary capacity is able to have a will prepared.
Before preparing a will there are things you may wish to consider –
Once you are prepared it’s worth doing some research about who you will have draft your will for you. There are also times that it’s advisable to review and potentially update your will.
How long is my will valid for?
Until you update it, change it, revoke it, or get married.
What is an executor and what do they have to do?
The executor is responsible for administering your estate. This can be a complex job and includes but may not be limited to –
When should I update/review my will?
It is essential that you prepare a new will when you are married as getting married revokes your current will (unless it was made anticipating the marriage).
Although the following events do not revoke your will it is recommended you review it at these times:
Having a will gives you the confidence that upon your death your assets are distributed as you wish. It’s important to ensure that somebody you trust knows the location of your will, as a lost will can lead to intestacy. As a final tip, make sure you understand how your Superannuation is set up, and whether you need to include anything pertaining to that in your will.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.