Do I need a will if I'm getting a home loan?

Settle and move in

Consider writing a will

You’ve bought your new house and you’re unpacking boxes. As part of planning for your future, have you considered writing, or updating, your will?

If you’re a first time buyer, this is probably the most valuable asset you’ve owned and you may not have considered writing a will before. You’ve insured your house, and the contents, writing a will is another part of protecting your asset and this includes making sure your home goes to who you want when you’re gone.

Why write a will now?

Your will is your way of letting people know what you want to happen to your belongings, and who to provide for when you die. It’s a chance to record your final wishes.

How do I write a will?

It is highly recommended that you get your will drafted by someone with experience, such as your lawyer as a will may not be valid if the proper procedures are not followed.

What if I die without a will?

Your estate possibly won’t include property that you jointly own with a partner as these are likely to be owned jointly. In most cases, this means that when one of you dies, the other becomes the sole owner.

For other belongings however, if you don’t have a will then your possessions would fall under the intestacy rules, which involves a close relative applying to the courts to be able to deal with and distribute your possessions. This relative decides who things should go to, rather than following your wishes. If this happens, your possessions may also be more open to claims by other relatives.

Maintaining a will

You should review your will whenever you go through any significant life changes, such as a marriage, the birth of a child, or the purchase of major assets.

Make sure you keep a copy of your will in a safe and accessible place, and let the executor to your estate, the person who you appoint to control and distribute your belongings, know where it is.