It is estimated that more than 40% of Australians do not have a Will. Of those 40%, approximately half know that it is something that they should look into, however procrastination has prevented them from doing so.
Your Will is a legal document which provides for how you wish your assets to be distributed after your death and without a Will, your assets and your estate may not be dealt with as you wish, but rather in accordance with the legislation in your area.
Why make a Will? We have put together a short list of just some of the reasons why you should make your Will today.
Life and death – It is easy to put off making a Will and avoid thinking about the issue. But as the saying goes, there are only two things certain in life: death and taxes. No one knows what the future will hold for us and therefore it is important to have a Will in place today.
Life events – Anyone over the age of 18 years should consider making a Will however there are certain times in life when making or reviewing your Will is important. In life, we can through stages of transition, change or trauma and these are the times in life when you should reflect on how you wish your estate to be managed. These situations include marriage, divorce, having children, purchasing a property or the death of a loved one.
Assets – We always look to protect our assets in life but without a Will, you are not necessarily protecting your assets after your death. By including how your assets are to be distributed in your Will, you can have peace of mind that your assets are dealt with in accordance with your wishes.
Executor – The person responsible for managing your affairs and your estate after your death should be someone your trust and someone that you know will be able to deal with the requirements of the role.
Beneficiaries – If you do not have a Will as at your death, you lose the choice as to who receives the assets of your estate. A person who dies without a Will dies ‘intestate’ and the decision about who receives what, is determined by legislation.
Children – If you have children under the age of 18 years, you can include in your Will who you wish to be their guardian.
Pets – If you have pets, you can even include your wishes about how they are to be cared for after your death.
Funerals and organ donation – After your death, your loved ones are left to make some tough decisions. These include your funeral arrangements, whether you are to be buried or cremated and whether you wish to have your organs donated. By including these instructions in your Will, you are providing your family peace of mind by knowing that the decisions they make, reflect your wishes.
Having a Will is a way to ensure that your assets will be distributed the way you want after your death. Our Wills and Estate Lawyers in Melbourne will work with you to create a Will that offers protection of your assets, sets out your wishes clearly and provides you with the peace of mind that your estate will be managed after your death. For more information please contact us on 03 9614 7111 or email at melbourne@nevettford.com.au.