I'm not old yet and I don’t own real property. Do I need a will?

Making a will provides certainty and control over the fate of all your assets and avoids potentially undesirable outcomes dictated by statutory intestacy laws.

Property and circumstances you may have overlooked

Have you considered the money in your bank accounts, shares, cryptocurrency, vehicles, furniture and whitegoods, personal valuables, keepsakes? What happens with your digital property – social media accounts, subscriptions, files stored on your devices and in the cloud? What about your accumulated frequent flyer points, pre-paid memberships, website domains? What happens to your beloved pets? The list of unexpected valuable property goes on.

Have you thought about how you wish for this property to be dealt with after you pass on. Without a valid will, your wishes will almost certainly not be carried out.

Another significant consideration is the guardianship of any minor children in your care. If something were to happen to you, have you considered, who would look after them?

If you wish to make provisions for specific people, perhaps not related to you, or donate funds property to a charitable organisation these matters are easily accommodated for in a will.  

Furthermore, a will appoints an executor to manage the administration of your estate, which can substantially reduce delays and administrative difficulties for your family.

Can’t I sort this all out with a DIY will kit?

The succession laws in Australia are strict with respect to the formal requirements for a will. The increasingly popular DIY online and printed will kits often do not comply with these requirements, specifically regarding the execution and witnessing. In many circumstances it is also necessary for a legal practitioner to verify that the will-maker has the required cognitive capacity to make a will. This evidence is very important if later the validity of a will is disputed by beneficiaries or third parties.

As easy and cheap as the DIY kits may appear, they usually contain complex and lengthy questions, which you may not be able to adequately answer without a professional legal advice.

So, what happens if the person dies without a will (intestate)?

The distribution of any property will be determined by statutory intestacy rules, which may not reflect the personal preferences or the specific needs of the deceased’s family. Under these laws, assets are divided according to a predetermined formula, generally prioritising spouses and next of kin, but with no consideration for non-family members or friends you may wish to benefit.

So, is it worth the risk?

Collett Law Group have the required expertise to prepare your will stress-free.

Contact us today to arrange your fixed fee will appointment.