Preparing a will – why they’re important to secure your family’s future.
Life can be hectic, and amid the busy schedule that comes along with providing for your family, many people simply don’t have time to look too far into the future, leaving important matters like preparing a will at the back of their minds. Sadly, this is an all-too-common occurrence, leaving families with an unsecured future in the case of unfortunate, unforeseen circumstances.
What happens if a Will is not prepared, or is incomplete?
If a person dies without having prepared a will, or with an invalid will, they are said to be intestate. In this circumstance, State legislation will take effect, and dictate exactly how your estate will be managed and distributed. As such, the legislations standardised procedures set out exactly who receives your estate, leaving you no say in your family’s future.
To give you an example of the process that takes place if you are considered intestate, we have developed a flowchart based on South Australian Legislation to help you understand its standardised nature.
Why does this matter?
No family is the same, and the standardised intestate legislation doesn’t consider the intricacies of families, their personal relationships, and how to best prepare each member of the family for the future. Further, not preparing a will can give rise to unavoidable complexities and conflicts which can cause unnecessary financial and emotional burdens upon your family. Leaving your hard-earned assets, property and valuables in the hands of state law won’t give you absolute peace of mind that your family will be adequately provided for once you have passed away.
So how do you avoid this?
Preparing a will can seem daunting and complex, however with the help of the right lawyer, the process is smooth and comprehensive. By accommodating for your individual situation and relationships in your will, you can minimise the risk of your will being contested or being subject to a successful family provision claim. As such, further financial risks to your estate can be negated and you can rest assured that your family will be adequately and appropriately provided for according to your wishes.
Do I really need a lawyer?
Sure, some services promise more affordable and fast options, however, wills are heavily scrutinised by the registry when they go to probate, meaning that compliance issues can result in financial consequences, probate delays and potential invalidities. Remember, an invalid or incomplete will could render the estate intestate, putting your family’s future in the same position as if the will were not to exist. Hiring an experienced lawyer will ensure that your individual circumstances, relationships and requests are considered and accommodated for. By taking the time to understand these, any potential issues can be identified and resolved early, giving you absolute peace of mind that your hard-earned assets will be distributed to your exact wishes without any unnecessary financial or time burdens upon your family.
Have a question? Are you ready to prepare your will?
Vellotti Law is here to help! Our principal lawyer Madalena Vellotti is extremely knowledgeable and well experienced in preparing wills and will take the time to understand your individual circumstances to provide a seamless and comprehensive service. We offer free twenty-minute phone consultations for all enquiries to ensure we understand your queries and can assist you as best as possible! Please make an inquiry through our website www.vellottilaw.com.au/contact-us/ today and we will endeavour to respond promptly. Alternatively, please give us a call on 08 8212 1234, or send an email to email@example.com
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The contents of this blog post are not legal advice, are not intended to substitute legal advice and should not be relied upon as legal advice.
If you are looking for personal legal advice you may consider contacting Vellotti Law.