Don’t Think You Need Will?

Don’t Think You Need Will?

Busting the Four Most Common Myths

In all my years dealing with clients and urging them to make a Will, I have heard every excuse for not making one. But of all the unfounded excuses, these four are probably the biggest myths I have come across.

Wills and Estates

“I Don’t Need a Will Because my Wife / Husband Will Get the Lot Anyway”

This is simply not true. Who will get what is determined by a strict formula set out in the Queensland Succession Act, and your partner does not automatically “get the lot”.

“I Don’t Need a Will Because My Children Get Along Well”

There is an old saying, “say you know not a man until you have shared an estate with him”. Ugly scenes often come about from the influence of those outside the family. There are far too many people giving incorrect and poor guidance based on “folklore” and not what is actually the law. I have seen families torn apart fighting over the estate of a parent. Do not bring this upon your family. Make a Will so your wishes are clearly set out.

“It Costs Too Much”

Trust me when I say the cost of preparing a Will is nothing compared to the costs, both financially and emotionally, that your family will have to pay if you die intestate (ie. without having made a Will).

“I am Not Old Enough to Have a Will”

Unfortunately age does not protect you from accidents and tragedies. The rule is simple, everybody over the age of 18 should have a Will.

Hopefully this article has laid to rest those myths and cleared up any doubts and uncertainties you may have. If you love and care for your family then you owe it to them to ensure that they are protected.

The easiest way to address these matters is to speak to us at McLaughlin and Associates Lawyers. We will tailor a Will to suit your specific needs.

By John McLaughlin

Principal, McLaughlin & Associates Lawyers.

Where There’s a Will…

Two Important Things Your Will Does Not Cover

It is understandable that most people would think that making a will, especially with a do-it-yourself “Will Kit”, would be comprehensive and everything would be covered off.

Unfortunately, that is not the reality and most people do not understand what they can and cannot control in their Will. That is because certain assets do not form part of your estate. We see this problem all the time, most often, when people have bought a “Will Kit” online or from their local news agency.

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1. Superannuation is not automatically part of your Estate

There are specific rules and requirements associated with Superannuation.  Most people I speak to are surprised to learn that, upon death, the Trustee of their Super Fund generally decides who receives their superannuation entitlements.   The restriction of Trustee’s ability to make this decision for you should form part of your overall Estate plan.

2. Your Will Does Not Cover Your Family Trust

This also include assets held within the trust. Those assets sit outside of your estate. To establish a succession or inheritance plan for your family trust, speak to us to address this issue.

These matters are not automatically covered in a Will, but there is an easy way to address them and ensure that your intentions are covered and that is to speak to us at McLaughlin and Associates Lawyers. Located in Brisbane, we will tailor a Will to suit your specific needs and address those assets that stand outside of your estate.

By John McLaughlin

Principal of McLaughlin & Associates Lawyers

Intern Churn ‘n Burn