HAVE YOU LEFT IT TOO LATE TO PREPARE YOUR FIRST WILL?
It is common for young people to believe that they are too young to prepare a Will or to assume that they do not have enough assets, if any, that can be left to loved ones in a Will.
It is, in fact, very important for a young person to have a Will prepared as soon as they reach adulthood, particularly when and if they commence work.
Upon commencing work these days superannuation is paid by an employer and the majority of superannuation policies entail death cover. In addition people take out either income protection insurance and/or life cover insurance.
If a Will has not been prepared then the rules of intestacy apply. These rules may result in your money or assets not going to the people who are most deserving or to whom you wish them to go.
An incident occurred in which a young girl was to travel overseas for the first time. She had taken out insurance to cover her should anything happen while overseas. Unfortunately she passed away in a motor vehicle accident prior to traveling and the insurance policy she had signed up for paid out a sum of $50,000.
As no Will existed the laws of intestacy split the money between her mother and father. Her parents had separated when she was 3 years old.
Her father had in fact not seen her since that age nor had he ever paid maintenance (this was at a time before compulsory maintenance was required). The father however took his share of insurance policy even though the mother had raised the child for 15 years on her own.
Please ensure that you make your Will to enable your loved ones get a fair deal in the event of an unforeseen calamity.
Please feel free to contact us for any Wills, Estate Planning and Power of Attorney service assistance that you may require in and around Brisbane, Queensland.
Alternatively, please call us on (07) 3345 4388 to clarify any queries you may have in regards to our services.
Hatzis Lawyers are a dynamic firm of Brisbane lawyers and solicitors contributing their might to the smart state of Queensland.