Maybe! A good starting question is what might happen without one. The law ranks your family members by their relationship to you. If you have a partner (either married or de facto) or kids, they will likely inherit your things. But how much they each receive can depend on things like how much you own and whether your kids are born from your current relationship or a previous one. In Victoria, if there’s no partner or kids, then we look (in order) for: – parents – siblings – grandparents – aunt/uncles
– cousins – the State. . Here are some times when a new Will is a good idea:

– You are getting married or are recently married.

– You live with a partner for more than 2 years – or are able to reach 2 years.

– You separate from your spouse – especially while you are not legally divorced yet.

– You separate from your de facto partner – especially if someone might suggest you were still together.

– You have young children – you might want them to inherit but might also want to nominate a guardian.

– You own real estate in your sole name and want your partner or kids to continuing living there for a while before it’s sold or transferred to someone else.

– You want a particular member to inherit less than usual – they don’t automatically receive less just because you don’t get along or are estranged.

– Your health deteriorates.

– Your financial situation changes – such as you receive an inheritance your self or buy a large asset.

– You want a specific person to be your Executor and handle the paperwork and admin of your estate.

 

#wills #estateplanning #futureproofing #inheritances #probatelaw #guardianship