A will is a document which provides for the distribution of your assets upon your death.
There are many reasons why you need a will. For example, if you die without a will, your assets will be distributed according to a statutory formula and not according to your wishes.
It is also important that your family knows what you want to happen when you die – not just how you want your assets to be distributed, but your funeral arrangements, who you want to act as guardian for your children and who you want to administer your estate. Without a will, there will be no formal, enforceable record of your wishes.
Since the introduction of compulsory superannuation in 1992, estate planning has become much more complicated. A will allows you to decide what will happen to significant assets such as superannuation and insurance benefits.
Depending on your circumstances, we may recommend you include a testamentary trust in your will. There is also sometimes a particular need for a person to provide for family members with special needs, children from previous relationships or former partners. Unless a will is made keeping these particular requirements in mind, the people who most need your financial support may not be properly provided for.