No More Excuses. You Need a Will
Seven 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 and many others simply don’t think it is important or applies to them.
If you identify with either of those categories then it’s time to overcome your phobia and realise that it is crucial for every adult person, irrespective of age, to have a current, valid, binding Will.
Why? Well here are seven of the most important reasons why you need to prepare a Will.
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. 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 government determination.
An executor is a person who you appoint to carry out the wishes as stated in your Will and to administer your estate. It is best to have more than one named in your Will. By having a Will you get to choose who this is. Without a Will, the responsibility reverts to government control.
Avoid family fall outs
By clearly expressing your wishes in your Will you may avoid causing arguments amongst family members as to who was to get what.
It is far, far cheaper to have a Will prepared compared with the cost of administering an estate where a person has died intestate (not leaving a Will). So if you think you are saving money you are wrong, your family will pay for it in the end.
Peace of mind for loved ones
Your family and loved ones will be distressed enough on your death without adding to their pain by not having a Will. If you love your family you will do the right thing for them and have a Will.
It is becoming more common for people to want to leave something to their favourite charity in their Will. If you do not nominate a charity in your Will they will not receive anything.
Avoid the ‘Brady Bunch’ Syndrome
In this day and age there are many blended families which can complicate matters. Especially where there is no Will. Children from different marriages / relationships, ex partners, current partners, ex partners from whom you never divorced and stepchildren can all contribute to a maze of different and competing interests. By having a Will, your wishes will clearly be documented. And make sure you regularly check your Will to ensure it is in line with your current family structure and relationships.
Where do you start?
Easy, just contact McLaughlin and Associates Lawyers and we will tailor a Will to fit your needs. We will also store your Will in our safe room, free of charge and provide you with a copy for you to keep with your other papers.