As the New Year begins, many of us set goals and resolutions for the months ahead. But have you considered adding “make a Will” or “update my Will” to your list? While it’s easy to push this important task aside, creating a Will is a critical step in protecting your loved ones and planning for the future.
Why Is Making a Will So Important?
A Will ensures your wishes are followed and provides peace of mind for you and your family. Here’s why having a Will is essential:
- Provide for Your Spouse or Partner: Ensure your significant other is taken care of after you’re gone.
- Protect Your Children: Specify how your estate Will benefit your children and appoint legal guardians for any underage children.
- Leave a Legacy: Make meaningful gifts to charities close to your heart.
- Adapt to Modern Family Structures: With blended families becoming more common, a Will allows you to ensure your spouse, stepchildren, and children from previous relationships are all cared for appropriately.
For example, if you’ve remarried and have children from a prior relationship, your Will can protect your new spouse while still securing an inheritance for your children.
Additionally, a Will can help safeguard your assets from being used for residential care home fees and enable effective tax planning, especially for managing inheritance tax.
What Happens If You Don’t Have a Will?
If you pass away without a Will, the Law of Intestacy applies. This means your estate Will be distributed based on strict legal rules, which may not align with your wishes.
- Your spouse or partner may not automatically inherit your entire estate.
- Your children or stepchildren might receive less than you intended—or nothing at all.
- If you’re not married or in a civil partnership, your partner won’t inherit anything unless named in a Will.
Creating a Will is the only way to ensure your estate is distributed as you choose, protecting both your loved ones and your legacy.
Should You Draft Your Own Will?
While drafting your own Will might seem straightforward, it’s surprisingly easy to make costly mistakes. Even small errors can lead to disputes or invalidate your Will entirely, leaving your family to deal with unnecessary stress and complications.
A professionally prepared Will ensures all legal requirements are met and your wishes are clearly documented.
When Should You Review or Update Your Will?
Life changes, and so should your Will. It’s essential to review and update your Will after significant life events, including:
- Marriage or divorce
- Separation
- Birth of children or grandchildren
- Death of a loved one
Keeping your Will up to date ensures it accurately reflects your current circumstances and intentions.
Are You Looking for Help with Wills in Maitland, Newcastle, and Surrounding Areas?
At Hunter Legal & Conveyancing we specialise in helping people to create and update Wills tailored to their unique needs. Our experienced team can guide you through the process, so don’t hesitate to reach out with any questions. Give us a call at 1300 224 828 and let us make it easy for you.
