Reading time: 2 minutes

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.

Webinars

Day in Court: What Happens When Your Business Goes to Court

Thursday 2 June | 11:00 - 11:45am

Online
If your business is going to court, then you need to understand the process. Our free webinar will explain.
Register Now

How to Manage a Construction Dispute

Thursday 9 June | 11:00 - 11:45am

Online
Protect your construction firm from disputes. To understand how, join our free webinar.
Register Now

Startup Financing: Venture Debt 101

Thursday 23 June | 11:00 - 11:45am

Online
Learn how venture debt can help take your startup to the next level. Register for our free webinar today.
Register Now

About LegalVision: LegalVision is a commercial law firm that provides businesses with affordable and ongoing legal assistance through our industry-first membership.

By becoming a member, you'll have an experienced legal team ready to answer your questions, draft and review your contracts, and resolve your disputes. All the legal assistance your business needs, for a low monthly fee.

Learn more about our membership

Our Awards

  • 2020 Innovation Award 2020 Excellence in Technology & Innovation Finalist – Australasian Law Awards
  • 2020 Employer of Choice Award 2020 Employer of Choice Winner – Australasian Lawyer
  • 2020 Financial Times Award 2021 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review
  • 2021 Law Firm of the Year Award 2021 Law Firm of the Year - Australasian Law Awards
  • 2022 Law Firm of the Year Winner 2022 Law Firm of the Year - Australasian Law Awards