If you don’t have a Will, you’re not alone – a recent Newspoll* survey revealed that 43 per cent of the adult population in NSW does not have a Will. And yet writing a Will is something every Australian aged 18 or over should do. An up to date and legally valid Will is the best way of making sure you look after your loved ones, and leave them with the things you love.
No one thinks it is ever going to happen to them, but the unthinkable does happen and often when we least expect it. If you die without a Will, your estate - this includes assets like real estate, cars, as well as superannuation and insurance payout as well as items of sentimental value - is distributed according to a pre-determined government formula. This means that certain family members receive a defined percentage of your estate despite what you may have wanted.
If you die without a Will (this is called Intestate) friends, family members, even partners and children may not inherit in the manner you assume they will. When you have a professionally prepared Will,you can set out your wishes exactly on who will inherit your assets and belongings. If you die without a legally valid Will in place, you could very well leave your loved ones with not a legacy, but a fight over your estate that can waste money in legal bills.
* Newspoll June 2012