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Why you need a Will

Updated: Apr 28

Contemplating your death is not something anyone relishes which is possibly why so many people put off completing their will or updating it. However, there are important reasons for having an up to date will.

Putting in place a Will ensures that your assets are distributed according to your wishes after you pass away. An up-to-date Will minimises the potential for disputes among family members, and provides peace of mind for you and your loved ones.

If you pass away without a Will, your estate will be divided according to the laws of intestacy, which may not align with your wishes. If the value of your estate exceeds $15,000 and you pass away without a Will, your family will need to apply to the Court for letters of administration. Under letters of administration, your estate will be divided according to a set formula that may not reflect your intentions or the needs of your loved ones.

If you have a blended family with children from previous relationships, a Will can become even more important. A Will allows you to clearly outline how you want your assets to be distributed among your current spouse, children from previous relationships, step-children, and other beneficiaries, ensuring that your wishes are followed and minimising the potential for disputes among family members.

If you choose to exclude someone from your Will, it's important to be aware that this decision could potentially lead to challenges or disputes from the excluded party. However, having a properly drafted and legally valid Will can help mitigate the risk of challenges and provide clear evidence of your intentions.

Not having a Will or having one that is not current is likely to cost your loved ones emotionally and financially. Disputes are more likely to arise. Disputes about estates are known for becoming long and drawn out situations that are emotionally draining and devastating to the relationships of not just those immediately involved in the dispute but also the wider family. Disputes spell considerable financial cost as your estate will need legal representation meaning some of what you hoped would benefit your chosen beneficiaries ends up being spent on legal and other professional costs.

Regardless of your family situation, having a Will allows you to take control of your estate and ensure that your wishes are respected after your passing.

Need a Will? Contact us at Lighthouse Legal on 0800NAVIGATE or book an initial, free chat with us here so that we can discuss how we can guide you through the process. 


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