A beneficiary is a person you nominate to gain a benefit (usually money or objects) from your will. Anybody you nominate can be a beneficiary however usually it will be a family member, close friend or charity.

Examples of assets that can form part of your estate include money, shares, real property and cars. Superannuation may or may not form part of your estate. When drafting your Will, it is important that you talk with a good lawyer who can assist you in understanding which of your assets are likely to form part of your estate so that you in turn can make a good decision about how to divide your estate amongst your beneficiaries.

Examples of assets that can form part of your estate include money, shares, real property and cars. Superannuation may or may not form part of your estate. When drafting your Will, it is important that you talk with a good lawyer who can assist you in understanding which of your assets are likely to form part of your estate so that you in turn can make a good decision about how to divide your estate amongst your beneficiaries.

Simply put, you are never too young to make a Will. Even if you don’t have any significant assets right now, this will undoubtedly change in the future, and it is prudent to take steps as early as possible to ensure that you have a good estate plan.

There are also some life events that should motivate you to either draft a Will or update an existing Will. Such events include:

• You purchase property in your own name or with your partner;
• You enter a domestic relationship
• You have children
• You marry
• You divorce

If you die without a Will, then you estate will be distributed in accordance with the rules of intestacy. 

While the rules of intestacy will usually result in your estate being distributed amongst your family, there can be extremely serious and far reaching consequences. Because of this, it is essential that every adult ensure they have a valid Will.