In this four-part series, we aim to convince you in getting a Will.
Notable stars have died without a Will, including Jimi Hendrix and Bob Marley and their families have battled for up to three decades in an attempt to settle the estates of their loved ones. In this blog, we aim to convince you not to be one of those numbers…
A will is required when a person wants his or her property to be dealt with in a particular way upon his or her death. In the event that a person dies without a valid will, his or her property is distributed according to legislation and the rules of intestacy, and the order in which next of kin take may not be the way that person would have liked his or her estate distributed. For example, if a person dies without a will leaving a de facto spouse and children from a previous marriage the rules of intestacy provide for a formula to work out how much goes to the de facto spouse and how much to the children. The formula does not take into account the needs of the different family members or the quality of their relationship with the deceased person.
We have all read about high profile family estate battles, like those that followed the deaths of mining magnate Lang Hancock and prominent businessman Richard Pratt. However, there are many other cases involving “ordinary” Australians that don’t get picked up by the media but which are equally emotionally and financially draining, potentially destructive and prolonged.
A person’s will is likely to be one of the most important documents they will make in their life. Having no will, or a poorly drafted will, can have serious financial and other consequences for those who are left behind.
There are ways people can ensure their wishes are respected and fulfilled and the best way is to have a properly drafted Will.
So the next question you may have is, DO I HAVE TO HAVE A SOLICITOR? The short answer is yes. It is possible to make your own will without consulting a solicitor but it is not recommended.
In my next few blogs I will outline some of the problems with home-made wills and using a will kit.