Q&A Wednesday: Do I Need A Will When I Buy A Property?

do-i-need-a-will

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?

Question:

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!

Jayden Vecchio
[email protected]

Jayden Vecchio is the Director of Red & Co Finance, awarded Vow National Broker of the Year in 2015, 2016 and FBAA Commercial Broker of the Year 2016. Red & Co Finance (recently rebranded from Discovery Finance) is a Finance Brokerage that begins with the end in mind specialising in Investment Properties. They have settled over $450M in lending over the past 3 years alone helping property investors with building and growing portfolios, reducing their risk and increasing their overall profitability.

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