If you don’t have a Will, you’re not alone – a recent Newspoll survey revealed that 45 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. If the unthinkable happens and you die without a Will, your loved ones have no choice over who gets what, regardless of what you may have told them during your lifetime - your estate is distributed according to a NSW government formula.
This means that friends, family members, even partners and children may not inherit in the manner you assume they will. If you make a professional Will you can set out your wishes exactly on who will inherit your assets and belongings. Did you know - you can even make provision to look after your pet?
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One of the things people say when thinking about writing their Will is – “But I don’t have anything of value”. Almost always, they’re wrong. All of us have items of sentimental value - things we may have inherited over the years, or personal things like photographs. Would you like the right people to inherit these things, or does it not matter where your things end up or who gets what? Is it important for your children or grandchildren to keep hold of things from your lifetime, to keep a family legacy alive? If it is important, you need to specify this in your Will.
Similarly many of us have items of monetary value even if we’re young. Almost everyone has compulsory superannuation as well as various insurances that may be held by us or our employers. Then, as we get older there are larger items like a car or house.
Most importantly of all, make sure you have a legally valid Will and make sure you update it as your life changes – for example, when you get married or divorced, have kids or gain an asset. This is particularly important with the new inheritance laws that came into place in NSW last year. For more information
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