When you purchase a new home, you should also consider a new will to protect your assetA home may well be the most important asset you’ll own.

Its value goes beyond the shelter it provides. Your home helps provide for your family’s financial security.

Why is it important to have a will?

If you do not have a Will and should the worst happen, you die intestate – this means you die without a Will, resulting in either following Succession Laws or having a court decide what happens to your assets – and that includes your family home.

What the Succession Laws or a court determine may not accord with your wishes for providing for the people you love.

Dying intestate can result in an even more stressful time for your family as they are forced to sort out your estate with potential delays. Unfortunately, it may also result in bitter legal disputes between family members.

A will is a simple and cost-effective way to ensure that your wishes are carried out and your loved ones provided for.

The importance of a will in complex family matters

A will is especially important if you are part of a blended family.

If one, or both of you, have children from previous relationships, you may wish to specify that you and your current partner are ‘tenants in common’ instead of ‘joint tenants’.

Tenants in common and a correctly drafted will ensures your financial interest in the home goes to your children rather than your current spouse and possibly their children.

In an up-to-date will, you are able to specify that your partner has the right to reside in the property after your death. When the ‘right to reside’ ends, your portion of the property is distributed as per your wishes.

This ‘right to reside’ may also apply to other properties in your portfolio.

Did you know you could also be partially intestate?

You might already have a will, but if you’ve purchased a property, made investments, married, divorced, had children or become an empty nester, your will may no longer be current.

That might mean that there are no clear instructions about what you want to do with the assets which are not listed in your current will, or other circumstances have changed resulting in incomplete or failing provisions.

That’s why we recommend that your will is reviewed and subsequently updated at every significant milestone in your life. And purchasing a property certainly counts as one of those moments.

MBA Lawyers, one of the Gold Coast’s longest established law firms, stands ready to help make your property purchase an easy and stress-free process through our expert conveyancing team and we’d also welcome the opportunity to introduce you to our estate planning team to protect your assets and your family in the years to come.

We’re your lawyers for life.