Estate Planning: Why is it important to have a valid Will?

Life is busy, and preparing a Will often falls to the bottom of the list. It can be a confronting task, and many people simply don’t know where to start. But making a Will is one of the most important steps you can take to ensure your loved ones are protected and your estate is managed according to your wishes.

What is a Will?

More than just a legal document, a Will is a clear and binding expression of your wishes, allowing you to:

1. Appoint an executor to manage and administer your estate;

2. Nominate guardians for minor children;

3. Direct specific gifts to individuals or organisations;

4. Establish trusts for vulnerable or young beneficiaries; and

5. Reduce the risk of disputes or litigation after your death.

A properly drafted Will allows you to decide who will receive your assets, who will manage your estate, and how your affairs should be handled after your death, and ensures your affairs are handled efficiently and in accordance with your wishes.

Who can manage the Estate?

By naming an executor in your Will, you ensure someone you trust can be legally authorised to manage your estate. If no executor is appointed, a beneficiary may need to apply for Letters of Administration. This is a more complex and time-consuming process that requires Court approval, additional documentation, and consents from other beneficiaries. This can significantly delay the administration of your estate and increase costs substantially.

Who receives the Estate?

If you pass away without a valid Will (known as dying intestate), your estate will be distributed according to the intestacy rules under the Succession Act 2006 (NSW). These rules follow a fixed order of relatives and do not consider your personal relationships, preferences, or the specific needs of your family.

This can lead to unintended outcomes, including excluding people you may have wished to provide for in your estate plan.

What happens if you don’t have a Will?

Without a Will:

1. You lose control over who manages and receives your estate;

2. The process of administering your estate becomes more complicated and costly;

3. Your loved ones may face delays, stress, and potential disputes; and

4. People you care about may be left out entirely.

Ultimately, making a Will is a simple but powerful way to protect your loved ones, reduce legal complexity, and ensure your wishes are respected. If you have children, own property, run a business, or have people who depend on you financially, it’s a task worth moving to the top of your list.

At MTK Lawyers, we’re experienced in estate planning and here to guide you through the process with clarity and care. We offer fixed-fee estate planning packages and a complimentary (no obligation) 10-minute telephone call with one of our estate planning solicitors to start your journey.

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Should you require any estate planning assistance, please don’t hesitate to contact us by telephone on (02) 9525 4900 or by email info@mtklawyers.com.au