If you own assets, then you really should have a will because a will is your way of ensuring that your assets go to the people you want them to when you die. If you don’t have a will, then something called the intestacy laws will apply. This is where the government through legislation sets out who they think your assets should go to when you pass away.
But what if you don’t own any significant assets? Well, there’s two things you should consider:
- First is superannuation, which many people tend to forget about. You might not technically own many assets, but you may have accumulated quite a substantial superannuation balance. And, if you don’t have any children or a spouse, then that superannuation is going to have to form part of your estate, in which case you’re going to need a will to distribute it.
- Secondly, you may not have significant assets, but you may have young children and a will is an important way to ensure that the people you want to raise your children actually take on that role (called ‘guardianship’). So, in addition to appointing an executor and gifting assets to people, your will can also appoint someone to look after your minor child.