Having a legal, properly prepared Will is vitally important to ensure your final wishes concerning the distribution of your estate are carried out. Without a legal Will, your estate could be distributed unfairly according to a formula set by each State and Territory’s intestacy laws. This could result in some of your relatives receiving more than you wished while other loved ones are not provided for in the way you intended.
A properly drafted Will ensures that the person you nominate administers your estate and that your estate is divided according to your wishes. It also makes the granting of probate quicker and less expensive, leaving more for your loved ones.
In addition, if you already have a Will you should consider updating it when your relationship or financial circumstances change, you have another child, an executor dies or no longer wishes to act, a beneficiary dies or you dispose of property you have specifically gifted in the Will.