A Will is a document that sets out how a deceased person wishes their assets to be distributed. It is one of the most important documents an individual can sign. The preparation of a Will can be a highly complex task. Wills are complicated by changes in family circumstances, moral obligations, blended families and commercial considerations such as the existence of trusts and superannuation. For Wills to be unambiguous and to set out the wishes of the testator, they need to be well drafted after detailed instructions are obtained.
If you die intestate (without a Will), then your assets are distributed according to law. If you have no next of kin as prescribed by law, then your assets may devolve to the State.
There is no “one size fits all” with Wills and we need to consider individual situations.