7 reasons why an up to date Will is important
Having an up to date and accurate Will is one of the most important things you can do in your life – for when your life ends. Young or old, rich or poor – every family deserves a Will for their loved ones. Read below to discover 7 reasons why an up to date Will is important. Likewise, having an accurate credit file can be one of the most important factors in ensuring you are provided credit by the lender of your choice. Find out how both of these are important if you want to get your life back on track.
By Graham Doessel, Non-Legal Director of MyCRA Lawyers.
Credit rating inconsistencies and black marks can mean you’re locked out of credit for between 5 and 7 years – unable to get even a mobile phone plan let alone a house, car or business. Anyone who’s been there will know it can be a real mess to uncover the intricacies of those credit rating mistakes, present them correctly and fight for their removal and often you don’t find out about them until you really need credit. It can be stressful, and frustrating to say the least.
The help of professional credit reporting lawyers can be invaluable to getting your credit file back on track and allowing you the freedom to move forward with life again.
But did you know…
There is another really important area of your life which can also end up in a real mess at the worst possible time. That’s your Estate. Unlike your credit file – where you are often at the mercy of the competence (or incompetence) of your Credit Provider – your Estate is in your power and you are responsible for it.
7 Reasons why an up to date Will is important.
1. If you pass away and don’t have a Will, your Estate is classified as Intestate. The Courts in your State will decide how your Estate is dispersed. If you have a Will, you get to make the decisions about who gets what. The last thing you would want is for there to be family conflict because you did not make your intentions clear.
2. If you don’t make a Will, it can take months for the State to appoint an Administrator to your case. Your family, particularly your Dependants, could be severely disadvantaged by this and even possibly have to go into debt for your funeral and other expenses until the Estate is dispersed.
3. If you don’t have a Will, the Court will appoint a Guardian for your children. This Guardian may not be the person you wish to look after your children.
4. If you don’t have a Will, the State may not divide your Estate in a way you would consider fair. Step-children, partners and other loved ones may not be recognised by the Courts and receive nothing, and likewise, ex-spouses or estranged family members could receive more than you would have liked them to.
5. Even without home or business ownership, you probably have assets you don’t know about. For instance, most people don’t realise that their normal superannuation fund contains several hundred thousand dollars in superannuation life insurance.
6. Even if you have few assets, you may have debts. If there are items within your Estate which are valuable and you don’t have a Will – they may be seized to recover debts – even if they have sentimental value to loved ones.
7. A Will needs to be reviewed as your life changes and as the Law changes. If you get married, or divorced an existing Will becomes invalid. Changes will also need to be considered with any major life event – including when you have children, buy property or have long term health issues. In addition, there have been many changes to Superannuation Law, and Taxation Law which may impact a current Will. Changes may need to be made to avoid your Estate being hit with substantial death taxes.
MyCRA Lawyers offers Will Preparation Services – and we encourage all of our credit repair customers to consider this important aspect of their lives.
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