Often we get asked the question, do I need a will? When you have an up to date Will, you control who will be appointed to manage your estate after you die and the way your estate assets are distributed after your death. If you don’t have a will when you pass away, the Court may appoint someone you would not want or trust to administer your estate and will require your estate to be distributed in accordance with the statutory provisions under the Succession Act 2006 NSW. More often than not, this will not be the way you would have intended and probably will not be acceptable to your loved ones.
With the rise of same sex relationships, blended relationships, relationships of interdependency, and complex asset and financial structures (among others), the more ‘traditional’ distribution of assets upon death (to the spouse and then to children if the spouse predeceases) is no longer appropriate for everyone. Unfortunately, the laws of intestacy largely reflect the traditional one size fits all estate distribution. Australians now require flexibility in their estate planning through access to targeted drafting strategies to ensure they can meet the competing moral demands by their loved ones. This can only be achieved with a well thought out, targeted and effective will.
Experience tells us that intestate estates (those where there is no will) are more complex and costly to administer and often more likely the subject of disputation.
Having a well thought out strategic will should minimise the risk of estate disputation, saving the estate from extensive legal costs, family fall-out and delay and preserving your assets for your intended beneficiaries. In this regard it is essential that you obtain proper advice from a lawyer with the skill and experience to give you considered and effective advice.
It is also important to realise that when you make your will, you review it periodically to ensure it meets your current circumstances and desires because people’s circumstances change. This may be because of a relationship breakdown or a new relationship, a change in financial circumstances, family breakdown, the birth of children or grandchildren, acquiring additional property or other wealth, or the financial vulnerability of a beneficiary. We recommend reviewing your will every two years or when there is a change in circumstances.
It is also advisable when preparing your Will, to have lifetime decision making appointments drafted so that someone you trust can make decisions when you unable to do so due to temporary or permanent incapacity.
Unfortunately, we can’t predict the timing of our passing, but do we do know it is inevitable. If you’re still asking yourself, do I need a will? We encourage you to consider making your Estate planning your next priority. Contact us for a confidential discussion.
