This document is about why you should have a will and why it is important to obtain professional advice from a legal practitioner when making a will. A will is a legal document by which you dispose of your assets when you die. Your assets include your house, land, car, shares, insurance policies, superannuation entitlement, money and any other goods you might own at the time of your death. The will states which asset goes to a particular beneficiary.
Beneficiaries can be family members, friends, charities or other organisations.
If you do not make a will, your assets will be sold and distributed according to a rigid formula laid down in the Administration and Probate Act . This means that you will not have a say as to how your assets will be distributed. Also, the formula may be directly against your wishes. Under the formula, de facto spouses, stepchildren, friends, and favourite charities will be completely left out. De facto spouses should listen to the tape on De factos, Property, Wills and Compensation.