Just like going to the dentist or doing taxes, many of us put off writing our Will because it’s something we don’t really want to think about.
But if you aren’t specific in how you would like your estate to be distributed after you die, if something were to happen to you, it will come down to a Court of Law to try and interpret what your wishes might be and this doesn’t always reflect your intentions.
When people die without a valid Will, it’s common for disputes to take place, which can cause further heartache for grieving loved ones. This is unfortunately common in Australia, where approximately 50% of Wills are contested.
That’s why it’s so important to clearly outline your beneficiaries in your Will. Not only will you have peace of mind in knowing that your friends and family will be spared any conflict, but by leaving no room for misinterpretation, your estate won’t be tied up in the legal system and can therefore go towards helping the people and causes that need it most, as quickly as possible.
What is a beneficiary?
A beneficiary is a person who receives all or part of the distribution from the deceased estate. There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide...
What is an executor?
An executor is a person (or sometimes more than one person) named in a Will to carry out the wishes of the Will-maker after their death. Often solicitors or specialist trustee companies are named as executors. The most critical activity undertaken by the appointed...
What is a Will?
A will is a legal document that spells out your wishes regarding the care of your children, pets as well as the distribution of your assets after your death. Put simply, a Will is a legally prepared and bound document that states your intentions for the distribution...