Why you should consider getting a Will
(even if you think you’re too young for one!)
Many people assume that Wills are for those who are older and possess a large amount of assets. What they don’t realise is that Wills are suitable for anyone over the age of 18.
So why should you make a Will?
Assets accumulate fast and include things you may not think twice about including savings, household items, jewellery, and technology. Whether these items have financial or sentimental value does not matter, they are included in a person’s estate. When you pass without a Will, the Administration Act sets out how your assets will be divided which is usually between a spouse or partner and immediate family. This may not be what you would want to happen, and this can also be very expensive for the estate. By creating a Will, you can clearly outline how you want the items in your estate to be distributed.
It is also important to update a Will when entering into or leaving a relationship. When you get married or enter into a civil union, any Will you made prior is automatically revoked. Similarly, the provisions you may have made in your Will to your spouse remain until a separation or dissolution order is made, so it is important to update your Will in those circumstances.
Your Will should also be created or updated if you are receiving or parting with any large assets, incurring large debt, setting up or dissolving a family trust, or if there have been changes in law or tax rules which your lawyer would advise you of.
A Will is a way of letting your family and those close to you know your last wishes. Contact one of our friendly team in one of our three convenient locations to enquire about a Will today.