Don't leave things to chance, ensure your wishes will be followed by making a Will.
A will is a legal document where you list down your wishes and how those wishes are to be carried out in your absence. It also spells out the names of the persons whom you entrust with the responsibility for taking charge of your assets and the proper distribution to the beneficiaries, upon your death.
If there is no will, your family members could end up engaged in a cumbersome and lengthy process before your assets could legally be passed on to them. This could be at a time when they are most vulnerable, especially when untimely death occurs. Sometimes, they could become involved in a long drawn process with the law. Disputes amongst family members may lead to a complicated legal battle.
With a will, you can;
Decide who your beneficiaries shall be
Decide the persons whom you wish to entrust with the responsibility of dealing with and distributing your estate
Determine the specific assets that are to be given to each beneficiary and when they are to receive such gifts
Specify which assets should first be used to pay your debts
Expedite probate and avoid the need for an administration bond
Appoint guardians for minor children
When there is no will, the law will decide the persons who are to benefit from your estate. This is termed "intestacy". You should never assume that your assets would go to the person you want to benefit. In Australia, the rules governing the distribution of an intestate's property are stated in the Intestacy Laws of your State or Territory. There are prescribed rules for distribution and sometimes, these rules may not be in line with your distribution wishes. Leave nothing to chance. Make a will and the law will protect your wishes.
All Pre-Paid Legal personal plans allow for you to have drawn up at no charge a Simple Will and Power of Attorney with free annual reviews if your circumstances change or you wish to vary your wishes. Ensure your peace of mind and that of your loved ones by having a Will in place.