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8 reasons you need a will

Do you need a will?  The simple answer to this question is “yes, if you have assets”. Almost everyone owns property of some kind or another, so almost everyone will need a will.

A person’s assets need not be substantial for it to make sense for them to need a will.  Disputes over assets, even assets of little financial worth, are common.  Such disputes can be costly to an estate if the courts become involved (as the costs may be borne by the estate that is the subject of the dispute), but perhaps more importantly they can lead to a break down in inter-family relationships.

It is important to have a valid Will in place to ensure that:

  1. Your assets, as a whole, are dealt with in accordance with your wishes.
  2. You can make specific gifts and legacies, by nominating the individuals who will receive your assets when you die.  For example, you can nominate particular beneficiaries who you would like to receive particular items of jewellery or other property or sums of money.
  3. Your burial or cremation instructions are provided to your family.
  4. Your estate is administered by the person or persons who you nominate.
  5. Your estate is not dealt with in accordance with the laws of intestacy, which will apply if you die without a Will.
  6. The risk is minimised of a family provision claim being made by a person for whom adequate provision is not made under the laws of intestacy.  For example, in New South Wales if a person dies without a Will leaving a de facto spouse but no children then the de facto spouse is entitled to all of the estate.  The deceased’s parents may make a family provision claim as otherwise they will receive nothing from the estate.
  7. The risk of family breakdown is minimised.
  8. You can appoint a guardian of any minor children (i.e. children under the age of 18 years) in the event of your death.

Please note that LegalVision is a commercial law firm and cannot assist with these matters. We recommend you contact your local law society.

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Lachlan McKnight

Lachlan McKnight

CEO | View profile

Lachlan is the CEO of LegalVision. He co-founded LegalVision in 2012 with the goal of providing high quality, cost effective legal services at scale to both SMEs and large corporates.

Qualifications: Lachlan has an MBA from INSEAD and is admitted to the Supreme Court of England and Wales and the Supreme Court of New South Wales.

Read all articles by Lachlan

About LegalVision

LegalVision is an innovative commercial law firm that provides businesses with affordable, unlimited and ongoing legal assistance through our membership. We operate in Australia, the United Kingdom and New Zealand.

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