Wills are only for old people, right?
Did you know more than 1 in 3 Australians die every year under the age of 75?
If you die without a Will, the distribution of everything you own (your assets) will be determined in accordance with a strict formula set down in law. This may not necessarily be how you would want your belongings to be distributed. Your friends and other family members may receive nothing and it can greatly increase the emotional stress caused to your loved ones.
The legal procedures for dealing with your assets in the absence of a Will may become more complicated, time-consuming and costly – and may cause more distress and hardship to your family. In the absence of any living family members, or if they cannot be located, your assets will pass on to the Government.
Almost every person whether young or old has some kind of asse
ts. These may not only include real estate, shares, investments, money in the bank, superannuation, cars and bikes, but also personal things such as jewellery, furniture, books, art, pets and even stuff in the digital space like facebook and email accounts. The value of your assets does not matter; the important thing to consider is what happens to your assets of your life’s collection, when you die.
If you have any questions or you would like to make a Will, please contact us at Nick Xenophon & Co. Lawyers on (08) 8336 8888 or visit our website Wills page for further information at https://www.xenlaw.com.au/estate-planning-wills-preparation-solicitor/