PROTECTION TIP 5
THE IMPORTANCE OF A WILL
While you may be young in a world with advance medical solutions, unfortunately the unexpected can occur sometimes due to accidents, medical factors and other possibilities. While it is important to have Life Insurance cover to help your beneficiaries financially cope with your loss, now that you are a homeowner, you need a way for your wealth (regardless of the size of your wealth) to be transferred to your preferred beneficiaries when you pass away.
The best way to make your wishes clear is to create a Will. A Will is a formal document that outlines how you want your assets (including your property) to be distributed in the event of your death, when the assets should be transferred and how they are transferred.
While you can create a Will yourself, our legal world is all about the ‘fine’ print. To avoid any confusion amongst your family when you are gone, we recommend you hire a professional solicitor or Lawyer to draft your Will. This person (or company) may also be your Executor (the person in charge of transferring your assets per your wishes in the event of your wealth) if you nominated them to be so. Or you may choose to nominate a family member or friend.
You may find in life that, over the years, who you want to transfer your assets to changes. The good news is you can either amend your existing Will or create a new Will at any time.
Each State has different laws when it comes to treatment of assets when a person passes away. To learn more about Wills in your area and to arrange a Will that reflects your wishes, please complete the form below: