Nobody likes to think about their own demise. If you are one of the many Australians who does not have a current Will, your family could be left financially vulnerable if you were to die unexpectedly. Having a valid Will is important for everyone, but it becomes particularly essential in the event that you have dependents or a family.
There are a number of criteria that are necessary for a Will to be considered valid and legal which includes:
– Conveyed in writing
– Signed by you
– Witnessed by at least two other signatories
As there may be tax implications and even possibly legal issues from a badly worded or confusing Will, it is always a good idea to seek professional advice when preparing your Will. The general purpose of a Will is to decide the distribution of any assets you may have between your beneficiaries, and make provision for the care of any children that you have responsibility for.
Just because you have a Will does not mean that it will always be current. Life events such as getting married, divorced, or having children, may change the way you would want your assets distributed. Marrying after you have made a Will results in the Will being automatically revoked (providing you have not prepared the will in anticipation of your marriage). Likewise a divorce cancels out any inheritance left for your former spouse. It is therefore quite important that your Will is updated whenever necessary to reflect your current priorities and the needs of your dependents.
Not having any Will at all could mean a delay in your assets being distributed to family members, and if you have no family members your estate generally passes to the state. In this case you may have wanted your assets to go to a Charity or friend. The best way to ensure that your assets are distributed as you would wish them to be, is to have a will in place, and review it when those wishes change, or after any significant change in your life.
If you wish to discuss this further please contact your Altitude Adviser.
Altitude Financial Planning is a Corporate Authorised Representative of Altitude Financial Advisers Pty Ltd
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The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Document.
