Why you should make a Will

WHY YOU SHOULD MAKE A WILL

There are many reasons why you should make a Will. The main reason is you will have control and power over what happens to your property, whether the property is real estate, shares, cash, jewellery, furniture & household contents, motor vehicles, and superannuation.

The following are some of the reasons why you should make a Will:

1. If you make a Will, you are in control of who inherits your estate. If you don’t make a Will, who inherits will be determined by legislation passed by the State.
2. If you make a Will, you can decide which asset is inherited by which beneficiary.
3. If you make a Will, you can provide a life estate to a beneficiary, with the life estate subject to conditions.
4. If you make a Will, you can decide not to leave anything to one or more of your close relatives, including your children or spouse. If you decide not to leave anything to one or more of your close relatives, you can sign a statutory declaration setting out the reasons why you did not leave any benefit to one or more of those relatives.
5. If you make a Will, you can decide if your superannuation entitlements become part of your estate. If you don’t make a Will, your superannuation entitlement is determined under the terms of the trust deed of your superannuation fund.
6. If you make a Will, you can forgive loans you have made to others.

To discuss making a Will or changes to your current Will, please contact Kathy Chase at Pittwater Family Lawyers on (02) 9918 6565 or 0418 285 307 or send her an email at: pittwaterfamilylawyers@gmail.com.