Many people put off making a Will until it is too late, while others don’t think they need one. However, if you have property – and this includes superannuation – you need a Will to ensure it is distributed properly after your death. Dying without a Will only makes thing more difficult for your family and it costs a lot to have the court decide who should benefit from your assets. This cost will be taken out of your assets, so your family will get much less than otherwise.
The trouble with an old Will
You may have made a Will years ago and think that is the end of the matter, but just like many things in this life, a Will may need to be upgraded or rewritten. If you divorce and/or remarry, your current Will is no longer of any use as it is not considered valid. At least, that’s how it is in Western Australia. So a new Will must be made to take into consideration your new circumstances. Then again, if your Will was made when you were younger and you now have more children or grandchildren that have not been mentioned, you may want to rewrite your will to include them.