People often say to me, do I really need a Will?
The short answer is, yes you do. Having a Will is particularly important if you have assets or children under 18 years of age.
However, you may have minimal assets and for this reason believe that you do not need a Will. Unfortunately, you do not know how your present situation or circumstances can change over the course of a year or two – you may receive an inheritance. Further to this, no matter how minimal your assets are, you may still wish to give your possessions to specific people. A Will would allow you to do this.
A Will would also allow you to choose someone to be your executor (a person who carries out the terms of your Will) and ensure that your possessions go to the people you want them to.
If you do not have a Will, in South Australia the Administration and Probate Act 1919 (SA) will determine where your assets go. The usual order would be; your spouse, children, then parents and if you have no parents, onto your siblings. You may therefore think that you do not need a Will because when you die, everything will go to your spouse who will take care of your children. However, according to the Administration and Probate Act 1919 (SA) if your estate consists of more than $100,000.00 your spouse will only receive $100,000.00 plus half of your estate. The children will receive the rest in equal shares. This may not be your intention.
If you live in a blended family it is important that you think about providing for children from your previous relationship in addition to your present spouse or partner. If you do not make provisions accordingly, the people who have missed out or feel that they have received less than they were entitled to can make a claim under the Inheritance (Family Provision) Act 1972 (SA). If they have a fair claim, the costs for making such a claim will come out of your estate. Such costs can range from $5,000.00 anywhere up to above $120,000.00 for each party.
Having a Will enables your loved ones to deal with your estate easily when you pass away. More importantly it places less stress and uncertainty on them during this period.