Do I really need a Will?

BY JESSICA BETHEL

So, you’ve just turned 18, hot off the press and ready to slip into some adult pants to conquer the world. Regardless of how you may see yourself, you are now an adult, and with that comes a new array of responsibilities. We all know we can vote, legally consume alcohol, and enter previously restricted venues; but our Will preparations generally blur into a busy background thought in our newly founded adulthood.

On the other hand, you’ve been at this adult game for quite some time, you have children, are recently divorced, you rent and have a wonderfully eclectic collection of antiques you’ve accumulated over the years.

The point being, our situations are unique to us as people; we all lead different lives with different wants and wishes. Your Will is the best way of ensuring your wishes are carried on in the way you intend, when you’re no longer here to orchestrate things personally.

“But I don’t really have much”

As stated under Section 8 of the Succession Act 1981, “a person may dispose by will of any property to which the person is entitled at the time of the person’s death”; this can include the following:-

1. Savings, superannuation, life insurance, home and contents, cars, shares, jewelry; and
2. Usually, any other property you posses ownership of at the time of your passing.

Other considerations for your Will that you may not be aware of are:-

1. Instructions as to the guardianship of your children.
2. Any particular funeral wishes.
3. Letters to leave to loved ones around you.
4. Any specific bequests you may have for individuals or charities.
5. Who you nominate to act as the Executor of your Will, being the person you name as your legal representative for you when you are no longer here.

“I’m really close with my family, they will make the best choices for me”

Often people assume trust in those they leave behind to make the best decisions for them without any direction whatsoever, however this just isn’t always the case. While you may feel that Will preparations are unnecessary to you, organising a Will is going to save your loved ones a lot of guessing, interpretation, and financial stress at a time when they are bereaved and vulnerable.

When a person passes and they have a will, it creates a clear-cut direction of how the person intended for their valuables to be distributed and their loved ones to be taken care of. This saves your estate a lot of time and legal fees because we have precise answers in front of us, which simply means your loved ones will gain a greater benefit from your estate.

Expecting somebody that is grieving to manage and make such huge decisions can be a big ask and one that can often come with negative repercussions.

Next steps…

Preparing your Will with us is made seamless and simple, with the help of our experienced practitioners. We will guide you and assist you to give you the peace of mind, that your final wishes about all that is important to you, is well taken care of.