Aug 24

Do You Have a Will to Protect You and Your Family?

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Do You Have a Will to Protect You and Your Family?

A Will is a legally binding document which determines how you would like the things you own to be distributed after you pass away. All Australians who are over the age of 18 should have a Will. Yet it is not uncommon for Australians to work hard their entire lives, accumulating a large amount of wealth and assets but failing to draft any kind of will.

These are 4 important reasons you need a Will to look after your family.

Why should you draft a Will?

  1. A sense of assurance

Passing away without a Will means that your death will be considered interstate, meaning that you will have no decision making when it comes to how your estate is distributed, but instead a legal formula will determine it instead. This may be vastly different to how you could have imagined, and is especially devastating without immediate family as the estate itself will go to the government instead. Consulting a legal agency and creating a Will gives you the assurance that your estate is distributed to the right people and at the right time too.

 

  1. Benefiting your family

By drafting a Will, you will give the members of your family a peace of mind in a time of great loss. The last thing you would want to do after a death is to burden your family with legal complications. This Will relieves your family from the extreme stress and uncertainty that exists when people pass without a Will. Should you pass and be considered interstate, this will create further delays and expenses for your family.

 

  1. An efficient legal process

After the passing of a deceased one, there will be a lot of legal complications that must be reconciled or resolved. In particular, there will be a Grant of Probate required. However, by possessing a Will, it minimises the time required to obtain probate and reduces the legal costs of administering the estate itself. These are costs which would burden your family greatly, especially if your family is dependent on your financial situation. A Will further quickens the process of your financially dependent family and friends to receive a gift from your Will.

 

  1. Secure administration of your estate

When drafting a Will, you have the power to choose which person will be the executor and trustee. These are extremely important roles that must be given to trustworthy individuals as they will be the ones who end up administrating and organising your estate’s affairs. This is important to ensure that all of your affairs are settled in a way which would make you happy, unlike dying without a Will, where your executor and trustee may be someone you don’t know.

 

These are 4 key reasons why you need a Will as soon as possible, to safeguard your family, friends and your wealth as well.