Do you have a personal Will? If not, then the rules as to the distribution of your assets are as set out by the State Government.
If you do, has it been prepared by a lawyer or by you or a friend at home? The difficulty with homegrown Wills is that if it does not comply with the rules, the Court could determine that the Will does not tick all of the boxes and declare that the Will is invalid. Should a Will be declared invalid and there be no other Will that can be relied upon, then your estate will be distributed as if you had no Will.
Once you decide you need a Will, you may think it’s easy to do a Will by downloading a Will Kit to save on cost. The problem is if your effort to save money makes a mess of the terms of the Will, then the Will could be declared invalid. Blended families, your assets or having a business are all issues that should be addressed in your Will. Further, the cost-saving on the self-preparation of a Will is quickly forgotten about when it is challenged, and Court costs mount up.
Your Will needs to distribute your assets to those who you want to receive them in the most effective way. If you are over 18 years old, you should have a Will to distribute your assets the way you want them to go rather than relying on the Government’s provisions.
Whilst any Will can be contested, your lawyer can guide you on the pitfalls to avoid when preparing a Will. Contact us so that you can have a say in where your assets go when you pass.
