Creating a will is an essential part of managing your affairs and ensuring your assets are distributed according to your wishes after your death.
A will is a legal document that details how you want your property and possessions to be handled, and it can also specify guardianship for any minor children. The importance of having a will cannot be overstated; it provides direction during a time that can be emotionally difficult for your loved ones.
Without a will, the administration of your estate follows the default legal rules, which might not match your personal wishes or the needs of your beneficiaries. For example, the Administration Act 1969 specifies how assets are distributed, which may not align with your intentions. This could result in some family members receiving less than you intended or non-family members being excluded entirely.
Additionally, not having a will can lead to family disputes, potentially causing lengthy and costly legal battles that diminish the estate’s value. By having a will, you can help avoid these conflicts.
The importance of having a will lies in its ability to provide certainty, protect your assets, and uphold your legacy. It's a fundamental component of estate planning that can spare your loved ones additional stress and ensure that your final wishes are honoured.
Expert advice on wills and asset protection
As legal professionals in estates, wills and trusts, we can provide expert advice and ensure that your will is legally sound and less likely to be challenged. Our team is here to help. Contact us here.
Want to know about Enduring Powers of Attorney and why you need to have them? Read more here.
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