11 Oct Q&A Wednesday: Do I Need A Will When I Buy A Property?
In this week’s Q&A Wednesday we’ve got a question from Candice who has just bought a property and wants to know if she needs a will?
I’ve just bought a property, do I need a will?
If the solicitor says so then maybe, but typically a will just covers you in the event that you pass away and you want your funds to go into a certain direction. A state asset is something you own outright but there are so many assets out there people don’t think about, that aren’t state assets. If you’ve bought a property in a joint name, it will automatically revert to the other co-owner of the property and your will won’t count.
There are lots of different scenarios.
For example, superannuation is not a state asset, as with life insurance policies. Consider this, do you have dependents and are there people looking after you?
But what about if I am 25 and just bought a property and get hit by a car, who gets it?
A public trustee has discretion of it, if you have living relatives, it’s called dying intestate – where if you do die without a will it goes through the process. If you don’t have any living relatives the state just takes it.
Send your questions to us!