Buy a home, write a will

Your home shouldn’t be left to chance

As a rule, you should update your will after an important life event like buying a property.

Buying real estate can be both exciting, nerve-racking and time-consuming. It is one of those major life decisions that takes planning, research and careful negotiations.

No matter if you are looking to buy your first home, the family home, an investment property or to downsize, a property purchase should be updated in your will.

Have your say in who gets the keys to your castle

If you don’t have a will now is the time to consider writing one.

How you own property may affect how you are able to distribute it under your will

Solely owned property
This is property owned by you in your sole name and is yours to deal with as you wish.

Jointly owned property
If the property is held by the owners as ‘joint tenants’, on the death of one of the owners, ownership of the property passes automatically to the surviving owner or owners, regardless of what the Will of the deceased owner says. If there is only one surviving owner, the property becomes part of his or her estate as sole owner, and can be dealt with according to his or her wishes, including by being distributed under his or her will. Different considerations apply if the property is held by the owners as ‘tenants in common’: this means each owner can generally gift their share of the property in their will.

Don’t leave your biggest asset to chance

If you don’t have a will, State and Territory laws says who will benefit from your estate. You wouldn’t want your house to end up in someone else’s possession, would you?

Whether you’re writing a new will or updating one State Trustees can help. Our experts in wills and estate law can provide trusted and impartial advice.

Don’t leave your biggest asset to chance make an enquiry today.