Why should you make a will?
Many Australians do not have a will, often believing they do not need to make one or that they do not have any significant assets to pass on. Regardless of your circumstances, making a will has significant benefits for your loved ones after you pass.
Some of the reasons for making a will include:
· It provides your loved ones with guidance about how you would like your assets to be distributed and thus alleviates additional stress. If you have made a will, they can easily identify your assets and begin the process of contacting various asset holders to begin the process of paying off debts and other expenses.
· It allows you to control how your assets are managed when you pass (this is especially important if you have loved ones that are financially dependent on you);
· Certain assets, such as superannuation, are governed by special rules that require prior planning if you would like them to be included in your estate;
· Passing away without a will means your assets may be distributed in a manner you do not wish them to.
When should you update your will?
Have you just gotten married? Have you started up a new business? It might be time to update your current will.
New life events can affect your will significantly with some nullifying gifts made in the will and some revoking the will altogether. Therefore, it is important to update your will when these happen to ensure your will continues to reflect your wishes.
Some of these life events include:
· Marriage
· Divorce
· Significant changes in your financial position
· Acquiring/starting a business
· Death of a beneficiary
Davityan Lawyers can provide you with assistance and advice regarding your will and estates planning. Contact us on 02 9283 5290 or email us at info@davityanlawyers.com for help and assistance.
