Wills: Helping your loved ones when you are no longer there
A well drafted up to date Will should help your loved ones establish your last wishes when you are no longer there.
A Will tells how your assets should be distributed, who gets what, how much they will receive and the manner in which your beneficiaries will hold assets left to them. A well drafted Will should protect the gift left to them from third party interests and/or protect centrelink payments if applicable.
There are different types of Wills and each one of them is drafted in accordance with the particular circumstances of the person making the will. From Simple Wills, Complex Wills, Mutual Wills, Mirror Wills, to more sophisticated Testamentary Discretionary Trust Wills and Special Disability Trusts in Wills, the aim is to protect your assets and to dispose of them in a tax efficient manner.
Solicitors specialising in Wills & Estates like Turramurra Lawyers & Conveyancers, spent years developing the necessary skills to assess the type of document that will suit your particular needs and to make sure your wishes will be followed when you are no longer around.
Young adults and the importance of having a Will
There is a common misconception that a Will should only be drafted when you are old, contemplating death or when you have a young family to protect.
Young adults must consider the case of 23 year-old Ashleigh Petrie, a young Victoria Court clerk who died while in a relationship with then 68 year-old Magistrate Mr Rodney Higgins. She appointed her mother as her Superannuation fund beneficiary and took life insurance before committing suicide.
Despite his three-figure salary, 68-year old Mr Higgins challenged the appointment of Ms Petrie’s mother and was awarded the Super and life insurance. There was no consideration that Ms Petrie’s wishes were to leave all to her mother who was of modest means.
Ms Petrie’s situation could have been avoided had she made a Will and appointed her mother as the sole beneficiary of her estate. This example illustrates that you are never too young to make a valid Will.
We do not like thinking about death or what will happen if we die. Yet, death, like birth, is a fact of life and, as part of the circle of life we should be prepared for it.
If you want to discuss how to go about starting a Will send us a message in the Contact Page or an email us. We normally respond to new enquiries within one day.
Disclaimer: The contents of this article is intended as a general guide only. It is not intended to be legal advice. Should you have any queries about your particular circumstances, please contact Turramurra Lawyers & Conveyancers for further information.