Why a will is a must

Why a will is a must

A will is a must in 2021. It’s never a comfortable conversation to have, however up to 45% of Australians pass away without a will in place. 

“If you do not have a will, your estate will be distributed according to a formula set out by the law.”

An already traumatic time can be made a lot more difficult for family and friends without a clear guideline following your death.

Common reasons why people may choose to put off writing their will include;

– Lack of clarity as to who to appoint as a guardian for your children

– Inability or unwillingness to choose an executor  

– Wanting to get finances in order first, or have assets valued

-Delaying difficult conversations with family members 

It cannot be assumed that your assets will go to your family and loved ones without a clear will. For example, your spouse may be forced to sell the family home to pay a share to your children. A guardian chosen for your children may not be the one you would have wanted.

It is always best to clearly document your intentions after consulting with family and friends. 

Is it necessary to consult a lawyer to draft a will?

Whilst you can draft a will by downloading a kit yourself, having an expert prepare your will ensures that your wishes are set down more precisely. It also means your will can’t be easily challenged by family members. A lawyer will be able to offer insight into areas of the will you may not have considered.

For example, if you were married before, have you identified that your former husband or wife can’t make a claim on your estate even if you remarried long ago.

It should be noted that your will can’t determine who gets your superannuation – that is done through a binding/non binding death nomination to your super fund and does not form part of your estate.

Is it time to review your will in 2021?

Have you considered who will look after your children in the event of your passing? A guardian is an adult who looks after the welfare and upbringing of a child. Your will is where you will need to note your chosen guardian to ensure your children are looked after. 

Not only is looking after a child a huge responsibility, it can also be a financial burden on the guardian. Your life insurance should provide financial safety net for your children’s needs and reimburse your chosen guardian. 

If you need more information on why a will is a must, get in touch today.

Contact us here.