Why are Wills so important?

A will is a legal document which sets out who’ll receive your property and possessions when you die.

When you have a valid will, you give yourself the best chance of making sure your assets go where you want them to.

So you should always make a will if you have a family or if other people are financially dependent on you.

What makes a will valid?

A will generally needs three things to be valid:

• It must be in writing (whether handwritten, typed or printed)
• It must be signed, and
• Your signature must be witnessed by two other people who also need to sign the will.

But even where you’ve met these three requirements, your assets can’t be distributed immediately. Sometimes, a court needs to grant probate first.

What happens if you die without a will?

If you die without a valid will (known legally as ‘dying intestate’), a standard formula is used to distribute your property and possessions. Usually, this means all your assets will pass to your spouse or children.

But the situation becomes much more complex if you have a legal spouse and a de facto spouse (ie you’ve separated and have a new unmarried partner), if you have children from different relationships, or if you die with no spouse and no children.

The court’s formula usually also only lets your family members inherit from you.

So having a valid will is vital if you want to leave gifts to friends or charities.

 

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