Why you need a Will

09/12/2020

Protect what’s important to you by planning ahead. Make sure your loved ones are taken care of, and your assets are distributed the way you want, if something were to happen to you. A Will is a legal document which formally spells out who will receive your assets or your 'estate' in the event of your death. It also outlines any other wishes you may have, such as instructions for your funeral.

Do you have a Will? If so, is it current and does it reflect your current situation? Perhaps your financial or personal circumstances changed since you signed it, such as divorce or an unexpected death.

If you have a family or other dependants, or are concerned about who will receive your assets if you passed away, then you need to make a Will and update it when necessary.

A Will:
 
  • allows you to be confident your affairs will be settled as you would like
  • enables your estate to be administered quickly and economically
  • makes the process easier for your next-of-kin.
     
If you don't have a Will, the legal procedures are more complicated and time consuming, which may cause unnecessary worry and expense to your family.

The law sets out the procedure for the distribution of assets for someone who does not have a Will. Not having a Will may mean that your assets could be distributed in a way that you may not have wanted.

Ideally, you should update it every time your personal circumstances change, for example the birth or death of a family member, the buying or selling of a house or property, a change in medical condition, or the beginning or ending of a relationship.
 
 

Get started

You can get a Will prepared by a trustee corporation (such as the Public Trust or LawHawk) or a lawyer, or by preparing one yourself using a write-your-own-Will toolkit purchased from a book retailer or an online Will service. If writing your own, you may wish to have it checked by a lawyer to ensure everything is in order. You can find out more about Wills by visiting the Sorted website.
 
 

Sorted’s top 5 tips for Wills

1. When you get married, the will you wrote before marriage is no longer valid.
2. If you die without a will, all your assets do not automatically go to your partner.
3. If you die without a will, the government will use a formula to divide up your assets.
4. The last will you signed – even if it’s out of date – will be the one used if you die.
5. Wills are not just about what you leave to people – they can also identify the person you want to look after our children.
 
 

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