Is your Will REALLY valid?
This information may surprise you…read on…
Did you know that only about 45% of Australians have a valid Will?
If you pass away without a valid Will, your estate will be distributed to eligible relatives in accordance with a prescribed statutory formula and order of priority, and if you do not have any eligible relatives at the time of your death, your assets will pass to the State.
Making a valid Will gives you and your loved ones the peace of mind that comes from knowing that you have made your testamentary wishes known in a formal, legally binding document and that, in the event of your death, your assets will be distributed according to your directions to the persons whom you want to benefit from your estate rather than in accordance with an arbitrary statutory formula.
Having a valid Will also means you can put a trusted person of your choosing in charge of overseeing the administration of your estate, which is not necessarily the case if you die intestate, i.e. or without a Will.
You may already have a Will. If so, you should consider having it reviewed, particularly if it was made some time ago, or you have since undergone a separation or divorce, or if your circumstances have changed. A valid but badly drafted Will might be ineffective in making clear your testamentary wishes, or might fail in part.
As always, I’m here to chat if you have any concerns.
Remember we have offices in Bankstown, Sydney CDB and Double Bay.