If you were to pass away without having a will it could be a nightmare for the loved ones left behind.
If you have young children it could be horrible if you had not stated who you wish to be their guardian in the event that both you and your partner die.
A will is a necessity even if you are young and invincible with not many assets; otherwise some family member who you don't particularly like may become the new owner of your belongings.
Scott Whitin partner at Mc Cullough Robertson Lawyers in Brisbane has stated that estate planning is all about making sure the appropriate assets end up with the appropriate people at the right time.
"Careful thought must be given to what you own and how you own it, and your wishes and intentions must be balanced against the needs of your surviving family."
Paul Brennan a solicitor stated that the consequences of dying without a will can cause distress for the family members. It all revolves around who dies first, and the law presumes the youngest, usually the wife dies second.
If you have a will when you pass away then all your estate will end up going to your individual family.