Most people know that a will is important, but how many have actually turned their mind to why? What does a will actually do that is so important?

A legally valid will creates your legally-binding instructions in relation to what you want to happen with your money and your other assets and belongings after you pass away (this is known as your ‘testamentary intentions’). If you want to know more about what makes a will legally valid, please click here.

It is too often that Australians fail to take the steps to ensure that they have a will in place. People assume they don’t need a will because they think their hard-earned assets and belongings, (known as the ‘estate’) are not substantial enough to have a will. In other words, they think they aren’t rich enough to need a will.

Others think they don’t need to make their intentions clear or legal because they have heard of something called the ‘rules of intestacy’, which they assume they can rely on instead. This is a trap many people fall into and often never get the opportunity to have the ‘rules of intestacy’ explained to them, in light of their particular circumstances. These rules may not do what you think they will do in your situation. As a consequence, you may be taking on a completely unnecessary risk of having one or more of your loved ones left with nothing when you pass away.

In additional to this, did you know that a legally valid is about ensuring that you give your legally-binding instructions in relation to things that most would view to be more important than money? For example, who would take care of your underage children if you pass away. A will can also express your wishes regarding burial and funeral arrangements. The rules of intestacy do not secure your instructions regarding these important aspects.

By not creating a will, you also runs the risk of people known as ‘eligible persons’, making claims to the Supreme Court against your estate. In most cases, your estate will be required to pay the legal costs of these claims, costing significant amounts of money and damaging relationships, often irreparably. This can cause the assets and belongings you worked so hard for not being enjoyed by your loved ones, but rather, wasted in legal battles. This often happens even with very small estates. If you wish to know more about these claims, please click here.

The only way to ensure that your estate is left to the people you want it to be left to, is to have a legally valid will. You will also be protecting those you love from arguments over your funeral arrangements, guardianship of your young children and minimising (if not eliminating entirely), these legal claims against your estate.

Our Wills & Estates Team would be delighted to assist you in creating a legally valid will so that you can avoid the consequences raised in this article. Please contact our team on (02) 8006 1596 for a no-obligation, free chat today.