Why you need a will, even if you don’t have significant assets
It is a common misconception that only wealthy people need to make a will.
This is not correct. Without a will, the cost and time of distributing a person’s estate can increase.
Many banks and financial institutions, even superannuation trustees, will require a copy of the will to release funds and close accounts. If no will can be produced, they may insist that letters of administration be provided.
The time and expense involved in obtaining letters of administration from the Supreme Court, compared with the simplicity of producing a signed will, means that it is almost more important if you have a small estate to have a will to avoid depleting your estate with the additional expense of obtaining letters of administration.
To put it simply: the short time it takes you to make a will could save your family hours of work, associated cost and lengthy delays in dealing with your estate, making an already difficult time more difficult.
Dying without a will also means that your assets may not be distributed in accordance with your wishes. This may lead to a loved one missing out on receiving a part of your estate.
Alternatively, an estranged family member or ex-partner may end up benefiting from your estate as the Court and Administrator will have to follow statutory priorities that apply when there is no will.
If you would like to discuss making a will, please get in touch with one of our offices to talk about how we can assist you.
Contact Morgan Couzens Legal on (03) 5722 4681.
The information provided in this article is produced for guidance purposes only and is not legal advice. The information contained in this article is based on the current state of the law at the time of writing. The law may have changed since this article was written.
Morgan Couzens Legal does not accept liability for any loss or damage arising from reliance on the content of this or any article produced by Morgan Couzens Legal. Liability is limited by a scheme approved under Professional Standards Legislation.
Legal advice should be sought for your individual circumstances. For advice tailored to your individual circumstances, please contact us by telephone on (03) 5722 4681.