Are you leaving your children’s future to chance? If you don’t have a Will you probably are!
We all hope that we will live long and happy lives, but sadly not all of us will make it to old age, which is why its important to have a will no matter what your age and especially so if you have young children.
What happens if you die without a will?
This is called dying intestate and your estate will be distributed according to the Administration ACT 1969. The distribution rules vary on;
- whether you are survived by a spouse or partner
- whether there are children
- if your parents are still living
Legal expenses and time delays are usually greater where there is no will. There may also be doubt over who will administer your estate.
Do I need to write a will to nominate guardians for my children?
A guardian is a person you choose to care for your child(ren) in the event that both parents are no longer able to do so. Naming a guardian is a valuable benefit a will can provide.
Choosing a guardian for your child gives you peace of mind in knowing that you have chosen a special person to love and care for your child, rather than leaving it to chance. Having a guardian named in your will also ensures your wishes are clear and documented. It is important of course to have agreement from your named guardian that they are comfortable and willing to accept this responsibility.
How do I ensure my children are supported financially after I die?
The equity in your family home or life insurance are generally the main ways to ensure that your children are adequately provided for and your will can cover how this will be distributed and to whom.
If you are interested in writing a will, you may like to take advantage of a Public Trust special offer for members of The First Home Buyers Club. Please refer to the Member Offers page on our website or click here
October 10, 2014 Blog