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December 10, 2014
Why You Need a Will

By Aaron Kitson

Everyone knows of someone who has been involved in a turbulent estate. And yet, nearly one half of Australians still do not have a valid Will.

Dying without a Will is known as dying intestate. If you die intestate your estate will be determined by the laws of intestacy. Unfortunately, the laws of intestacy are likely to be at odds with the way you would have liked to have distributed your estate had you left a valid Will.

In Some Cases of Intestacy, the Whole of the Estate Will Go to the Government

This is the primary purpose for making a valid Will – so that after you die, your Will shall determine how your assets are to be distributed among those people you care about most.

Regardless of whether you consider your asset pool to be large or small, it is vital that you leave a valid Will that accurately communicates your wishes.

Many people fail to recognise the impact that can be caused to their loved ones if they die without a valid Will or with a Will that has been poorly drafted.

The law related to the preparation of a Will is very particular and strict. Any errors made when drafting and/or signing a Will may actually jeopardise the validity of the Will.

If a Will is Invalid Then the Laws of Intestacy Apply.

Your financial and personal affairs are important to you and they are also relatively inexpensive to organize and protect. There is no reason not to have a valid Will.

Now that you know why it is that you need a Will, here is how we can assist you:

• We can advise you and prepare a Will that suits your needs and circumstances, as part of your overall estate plan.

• We can give you advice about the possible need for an enduring power of attorney, enduring power of guardianship and/or advance health directive (possibly a referral link to be added here).

• We can assist you in reviewing and updating your Will in the event of any change in the law or your personal circumstances.

• And, if you would like, we can hold your Will, together with your other important estate documents, in our secured deeds cabinet at no charge to you.

Contact Aaron Kitson at LBH on akitson@lbandh.com.au