Where there is a Will, there is a (clearer) Way

MCW Lawyers

5 days ago

2 min read

Preparing a Will, or updating an existing one, is often at the bottom of many people’s to-do lists.

We often hear the sentiments: “I won’t need a Will until I’m old and frail” or “my family knows my wishes”.

So, why should you have a Will?

A Will allows you to gift your personal effects but, most importantly, a Will ensures the rest of your estate – which often includes high-value assets such as your property, bank accounts and vehicles – is administered promptly and in accordance with your wishes. We often find that most simple estates (Estates without trusts, complex assets or contest) are finalised within six (6) months from the date of death when a Will clearly defines the terms of the estate, allowing your loved ones to deal with your assets and liabilities as soon as possible after your death.

Having a valid Will in place also gives your family peace of mind during what is often a highly emotional and stressful time. It guides and directs the person or people named as your Executors, on important matters including:

Your wishes, if any, regarding cremation, burial or other specific arrangements for your body after death. This can even include what is to be written on your headstone or what is to be done with your ashes.
Who you wish to care for your minor children in the event you (or both you and your spouse) pass away.

Without a Will, the law in NSW dictates who will inherit your estate. Broadly, this firstly goes to your spouse then children then any surviving parents or then siblings. In unfortunate cases, if no surviving relatives are found, the estate assets can go to the NSW Government.

A properly drafted Will removes the question marks and allows your Executors and loved ones to carry out your wishes as you had intended, and allows you, and not the law, to decide who benefits from your estate.

When you prepare or update your Will with MCW Lawyers, we take the time to hear your story, ask the right questions, and draft a Will tailored to your every need. Contact our Wills & Estates team to discuss your needs or book an appointment.

Disclaimer:

This article provides general information only and should not be considered legal advice. You should obtain independent legal advice before acting on any information contained in this article.