Who needs a will?
It doesn’t matter what your personal circumstances are, your assets need to be distributed according to your wishes.
Here are just a few examples of personal circumstances requiring a Will:
(Note: Superannuation is not an estate asset covered by a Will. Contact your superfund to find out more)
Planning on buying that Winnebago and traversing the great Australian wilderness for a couple of years? Sounds like fun! Make sure you have your affairs in order before you go. Think of it as another kind of insurance – insurance for your family.
As your family matures, children come of age and begin to have their own families, it is a perfect time to re-evaluate your situation and your Will. You may now want to update your Will to include your grandchildren and the in-laws.
We all hope that we will be fit and healthy our entire life. However, this is often not the case. Having an Enduring Power of Attorney in place is useful, as the appointed person will be able to make decisions on your behalf should you become too ill to make your own decisions. If you have a serious illness, having an up-to-date Will is a given – don’t leave it to chance. Protect those you leave behind.
If you're a business owner, particularly if you have associates or partners, you may wish to consult an appropriately qualified solicitor to make sure that your business doesn’t end up in the wrong hands.
Blended families are another common occurrence. An updated Will will ensure your assets are distributed according to your wishes. You may wish to speak to a solicitor about other wealth protection mechanisms.
Once you are married, each partner should put a Will in place. You can, of course, work together and make them complimentary. But there has to be a separate Will for each person – you may want to leave Great Aunt Jane your Mum’s necklace and your partner may have Siblings they want to provide for as well.
Just because you are single doesn’t mean you don’t need a Will. Having a current Will is an is an important step in protecting your assets when you die.
Don’t wait to do your Will. There is no age or circumstance that doesn’t require one. It’s an absolute necessity.
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