A will is a legal document that sets out how you want your assets to be distributed when you die. It gives you the opportunity to provide for your family and friends. If you do not leave a will, your estate will be distributed according to a formula set out in legislation. In some circumstances, dying without a will can have unintended consequences for your family and loved ones. Having a lawyer prepare your will can help you have your assets distributed according to your wishes. If you die without a will:
- You have no control over the distribution of your estate
- The rules of intestacy may not accord with your wishes
- There may be a forced sale of the family home or car to cover other beneficiaries’ share of the estate
- No guardian has been appointed for your children
- Your children or grandchildren may not receive the financial protection you would have wanted
- Partners, stepchildren, friends and favourite charities may miss out
- Incapacitated members of your family and their own assets may be put at risk
- Your estate may be administered by someone you would not appoint
When you make a will, you appoint an executor. The role of the executor is to manage your estate after your death. Your estate includes money, houses, land, cars, shares, clothes, jewellery and any other goods owned by you. It does not include your superannuation.