No More Excuses, You Need a Will
Nine Important Reasons Why You Need a Will
Surprisingly, as many as 50% of adult Australians do not have a Will. Some people have a phobia about sitting down with their solicitor to prepare their Will, as if it will trigger their demise, while many others simply don’t think it is important or applies to them.
If you identify with either of those categories then it is time to overcome your phobia and realise that it is crucial for every adult person, irrespective of age, to have a current, valid and binding Will.
Why? Here are nine of the most important reasons why you need to prepare a Will.
#1 Self Determination
If you do not have a Will then you will not have a say in how your assets are distributed and who will get what. If you die intestate (without a Will) then the government dictates who shares in your estate and be warned, your spouse or partner does not automatically “get everything”.
By having a Will, you choose who your beneficiaries will be. Having a Will gives you the power to decide who receives what from your estate and in what shares.
If you have children, you can nominate who shall be their guardian in the event of you and their other parent being absent or unable to care for them.
A Will includes naming someone as the Trustee. This is the person who will hold and handle money on behalf of the beneficiaries. This is particularly important if you have young children. by making a Will you get to choose who shall be the trustee of your estate, but without a Will, this responsibility will once again revert to the government’s determination.
An executor is a person who you appoint to carry out the wishes as states in your Will and to administer your estate. it is best to have more than one name in your Will. By having a Will you get to choose who this is. Without a Will, the responsibility reverts to a person as dictated by the government in a strict order of priority.
#6 Avoid Family Fall Outs
By clearly expressing your wishes in your Will you may avoid causing arguments amongst family members as to who is to get what.