It is a common misconception that having a valid and up-to-date will is unimportant, however the reality is, in most situations this couldn't be further from the truth.
With the evolution of complex family dynamics, as well as the increase in wealth and the vast range of assets that people are beginning to acquire, the need for any adult to have a will has never been greater.
The key risk associated with not having a will is the lack of control over who is authorised to administer the estate as the administrator and who becomes entitled to the assets.
If a person dies without a valid or correctly executed will, they are deemed to have died 'intestate' which means their closest next-of-kin becomes entitled to administer the estate.
The administrator must then distribute the assets in accordance with a legislated formula. Many people are quite surprised or concerned by who would be left in charge of their estate or receive a share of their assets if they were to die without a will.
It is often the case that people opt to complete a DIY will found on the internet, or a will kit from a retail outlet to save costs. However the repercussions of a poorly executed or invalid will can mean the money saved by doing so is easily expended ten-fold post death. Failure to comply with requisite formalities mean errors may arise, which are often only discoverable when it is too late.
When engaging a solicitor, we ensure you receive the correct advice and guidance, while also empowering you to feel in control of your estate plan. It is essential you are left with peace of mind and satisfaction in knowing you won't be leaving behind a mess for your loved ones to deal with, when they are already mourning your passing.
Take advantage of HQ Law's Law Week special offer of 50 per cent off all standard will and power of attorney prices. Alternatively, if you are still hesitant to get your affairs in order, our free 30 minute obligation-free consultations can be used to raise any queries or concerns.
Contact the HQ Law team on 5454 3000 and mention the ad below by June 30 2022 to redeem the offer.