It can be difficult to talk about passing away, and what your wishes might be once you’ve gone, but it’s important for those your love for you to put a valid Will in place.
Why do you need a Will?
A will is a legal document that defines how your estate (assets) will be dispersed when you die.
When preparing you Will, you will outline the distribution of your assets according to your wishes, and this will enable you to create financial security for your loved ones and beneficiaries. This might include establishing a trust for your children or making a bequest to a nominated charity. When you make your Will, you will need to consider an executor. This is the person you appoint who will be responsible for the management of your assets according to your wishes.
What happens if you don’t have a Will?
If you die without a Will, your estate may be managed by State Authorities under the Queensland Succession Act 1981, which means that your estate may not be distributed in the way that you wish. Further, a Will can help to avoid conflict, claims against your estate or litigation after you have gone.
When should you update your Will?
Your Will should be updated throughout your life to ensure important changes to your family circumstances are updated, recorded and included in your Will. Changes in circumstances may include a marriage, divorce, birth of children and grandchildren, change in assets or financial situations, death of a partner or spouse, your retirement, or even if you wish to change how your assets are distributed.
How much does making a Will cost?
You can create a Will for free through the Queensland Public Trustee. The Public Trustee provides a clear step by step process for creating a Will and they can also keep your original will in safe deposit at no charge. The Public Trustee has offices across Queensland. For more details call The Public Trustee on 1300 360 044.
If you require assistance with return transportation to a Public Trustee Office, please contact the Suncare Customer Service Team on 1800 786 227 to arrange.