The only way to ensure that your assets are managed and distributed in accordance with your wishes when you pass away is to have in place a valid will. If you die without a will, your estate will be dealt with in accordance with the Rules of Intestacy, which is essentially a pre-determined distribution of  your assets in accordance with legislation. A will also provides family members with a clear statement of your wishes and some bulwark against litigation in the event a family member feels entitled to more than they receive.

Did you know that under the Rules of Intestacy, if you die leaving a spouse and children, your spouse will typically not receive all of your estate?

A properly drafted will can assist your beneficiaries in taking your assets in a tax effective manner and if necessary, protect those assets in a trust arrangement to ensure that third parties or non-lineal family members cannot access them.

A trust created by a will is called a testamentary trust and can be effective in protecting assets from beneficiaries’ creditors

While draft-your-own will kits are common in newsagents, only with a will properly drafted by a lawyer can you obtain some certainty that your wishes will be carried out.

If your will is declared invalid by the Court, then usually the Rules of Intestacy will apply to your estate

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