Why make a will?

In many countries around the world, people do not have the right to provide how their assets will be distributed upon their death. We are lucky to have that right.

In Australia we have the absolute freedom to say how our assets are to be distributed following our death. The law does not direct that we must leave a certain part of our estate to particular family members, nor does it say who must carry out the terms of the Will.

We can appoint whomever we consider most appropriate to carry out the terms of our Will, that is, the executor of our Will.

If we do not make a Will, the law provides how our assets are divided amongst our family in what is called the “scheme of distribution on intestacy”. You might not consider that scheme of distribution to be appropriate or fair, but unless you make a Will, no-one will know what you want to happen to your things when you die.

Why not exercise your right to make a Will and decide for yourself how your assets are distributed when you die?

Mary Stewart
Wills and Estates Specialist

 

SMR Legal Pty Ltd