Do I really need a Will?
It might be that you think your estate is only small and therefore it is not worth the cost of having a Will prepared. Consider the following however:
1. Your estate may be much larger than you anticipate, if for example superannuation death benefits and the proceeds of insurance claims are paid into the estate.
2. Asset holders who would have paid monies into the estate or transferred assets to the estate on the basis of the Will, may now require the estate to go to the cost of obtaining a Grant of Letters of Administration because there is no Will.
3. Without a Will, your estate may well be divided in a manner in which you did not anticipate, and to the detriment of your loved ones. This is because without a Will, the Rules of Intestacy are applied.
4. The person appointed to administer your estate (and likely the one who will act as trustee for minor beneficiaries) may not be the person you would have chosen, as without a Will, such appointment will be made according to the "priority" set out in the Uniform Civil Procedure Rules 1999 and not in accordance with your wishes.
It is always prudent to have a valid and updated Will. At Springwood Lawyers, we can assist you in this regard.