Make a Will and save others extra grief

From time to time we hear a sad tale about someone who has died and failed to make a will. If there is no will, the Administration Act 1969 takes over and the result can be most unsatisfactory.  Often people delay making a decision because they have a difficult situation to resolve and cannot find a solution.  What should they do?

It will cost you , but the sensible thing to do is to sort it out with a qualified, independent third person such as your solicitor.  You never know, perhaps a family trust would work.

You don’t have to leave your possessions and assets directly to a person.  An entity such as a trust can sometimes be a good solution.

Don’t procrastinate over making your will.  You can always change it.  If you are going to remarry or enter a de facto relationship, renew your will because your old will is revoked on starting the new relationship.

- July 2012, Trial Balance Issue 39

Kevin Smee

Director, Registered Financial Adviser

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Our articles are created and sourced by our advisers about subjects they are passionate about. They are designed to give you insight into a mostly misunderstood industry from their own experiences.