The Importance of a Will: Purchasing a Home
For many of us, a home is the most important asset we will own.
Other than providing a roof over your head and warm nights, a home assists with financial security for your family.
The importance of a Will
If you were to die “intestate” (ie without a Will), then either a Court or succession laws will be relied upon in deciding how to deal with your estate (including your home). If this happens, there is a good chance that your assets will be distributed differently to how you intended them to be distributed.
The result of dying intestate is an additional stress (and often, financial burden) for family members or loved ones who are now obliged to handle your estate.
A simple and cost-effective solution is to have a Will prepared to ensure that your wishes are followed and loved ones are provided for in the event of your death.
The Importance of an up-to-date Will
Buying or selling a home is an important milestone for most people – and it should reflect in your estate planning!
In the event that your life has changed since you drafted your most recent Will, (including by purchasing or selling a property), you might be partially intestate due to uncertainty / incomplete instructions about how your current assets are to be distributed and to who. Accordantly – it is generally recommend to update your Will following significant changes in your circumstances such when you purchase or sell a property.
