It is an important legal document that expresses your wishes as to how you want your assets to be distributed after you die. In your Will you can appoint somebody to look after your assets (ie your trustee) and your children (ie guardian) if your children are under the age of 18. A well-crafted Will ensures that you don’t leave problems or a mess for your family and friends to sort out after you die.

Anyone over the age of 18 should have a valid and current Will. It doesn’t matter whether you are married or have children, and it doesn’t matter whether you think you own anything of value. The reason you need a Will is because one day, you will die. This is a common thread that connects us all. We are born into this world and eventually we must leave, but when that happens what are you leaving behind? Somebody is going to have to sort out your estate after your death, and having a valid, current and well-crafted Will is intended to make this job a lot easier.

An old Will does not necessarily mean that it must be updated. You should review your Will to determine whether it is still relevant. If there’s been no significant changes in your life or assets, then maybe it doesn’t need to be changed or updated. If there has been significant changes in your life and assets, then you should update your Will. Also, even if nothing has changes you can still make a new Will. Making a new Will helps to ensure that your current intentions and wishes are properly reflected in an up-to-date Will which has been drafted according to current drafting styles and legislative provisions.

Making a Will is relatively inexpensive, especially when you compare it to the potential consequences that can arise from you not having a Will. In most cases, we offer fixed fees for our Will services to help clients budget for the cost and to give them peace of mind. Normally, the cost of making a Will relates to the work involved, both in terms of drafting as well as advice. If you have a complicated asset structure or if you have a complex family structure or personal relationships, then it is possible that your Will is going to be more expensive compared to someone whose life is in comparison relatively simple. The cost of updating a Will is the same as making a Will since we go through the same process to ensure that your circumstances and all relevant information has been fully considered before making your updated Will.

If you die without a legally valid Will, there is no formal record of how you intend to distribute your estate or whom you wish to distribute your estate to. In such cases, the laws of intestacy apply, and your assets will be distributed in accordance with the pre-determined formula based on the law in Queensland and an application called Letters of Administration must be applied for in the Supreme Court to appoint somebody to be the Administrator which gives them the legal authority to distribute your assets in accordance with the formula. If the formula isn’t according to your wishes or not in the best interest of your family, then you’ve basically left problems for them to deal with on top of having to deal with your death. Is this really what you would want for them? There may also be potential challenges, whether legal or otherwise for the surviving family members which can cause them unnecessary financial and emotional distress.