All too often we hear people say ‘I don’t have enough to justify making a Will’ somehow implying that only very wealthy people need a Will. This is simply not the case.
Far too often after someone has died, the family or friends are left to sort out the estate and no Will is found. This can add to the time and cost of distributing the deceased’s assets.
Even if the deceased had minimal assets so that there is no need to obtain probate (if there is a will you obtain probate, if there is no Will you apply for letters of administration), the difficulty is that many banks and financial institutions, even superannuation trustees, will require a copy of the Will and if no Will can be produced will ask that letters of administration be provided.
The time and expense involved in obtaining letters of administration, compared with the simplicity of producing a signed Will, means that it is almost more important if you have a small estate to have a Will to avoid depleting your estate with the additional expense of obtaining letters of administration.
Call Morgan Couzens Legal to discuss your requirements for your Will on 03 5722 4681.
MORGAN COUZENS LEGAL
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