Preparing a Will is often something people delay or avoid; however, it is one of the most important things that a person can do to ensure that their wishes are followed once they die. This post sets out why you need a Will and how it will benefit your family once you are no longer with them.
1. Your Will Determines How Your Assets are Distributed
Your Will can clearly identify who you would like to leave your assets to. Without a Will, the laws of intestacy will decide who inherits your property and assets; for further information on intestacy click here. These laws may not align with your intentions (i.e. if you have a blended family). By preparing a Will, your assets will be distributed in accordance with your wishes.
2. Minimise Family Conflict
Grief and loss can sometimes bring out the worst in families, and disputes over assets are sadly common when someone dies without a valid Will. In the absence of a valid Will, there is room for disagreements over the division of your estate, which can lead to prolonged legal battles and emotional stress. Having a well-thought-out Will helps reduce the chance of family disputes, giving your loved ones clear guidance on your wishes.
3. Protect Your Children
If you have dependent children, a Will allows you to nominate a guardian who you would like to take care of your children in the event something happens to you.
In the event there is disagreement between your loved ones after your death about who should care for your dependent children, the intentions set out in your Will will be important.
4. Appoint an Executor You Trust
When preparing your Will, you will appoint someone you know and trust to be the executor of your Will. This person will be responsible for ensuring your estate is administered according to your wishes. Your executor will manage everything from paying off debts to distributing assets. Choosing someone you trust is crucial, as they will be navigating both legal and financial matters during an emotional time.
5. Avoid the Intestacy Process
If you die without a valid Will, your estate must go through a legal process known as intestacy. The process can be time-consuming, costly, and emotionally draining for your family. It often involves the Public Trustee and Guardian stepping in to determine the distribution of your assets, which could result in a distribution that doesn’t reflect your wishes or the needs of your loved ones.
6. Update Your Will to Reflect Life Changes
As your circumstances change, i.e. in the event of marriage, divorce, the birth of children, or a significant change in your financial situation, it is important to review your Will and make sure it reflects your wishes. A Will isn’t a one-time task; it’s something that should evolve as your life does, ensuring it always reflects your current situation.
7. A Simple Process That Brings Peace of Mind
Preparing your Will does not need to be complicated or overly expensive. We believe that all individuals should have a Will in place. A Will will give you peace of mind, knowing that your wishes are clear, and your family is looked after.
If you would like to prepare a Will, contact Robinson + McGuinness to arrange an appointment on (02) 6225 7040, by email on info@rmfamilylaw.com.au or get started now online with one of our experienced lawyers. We offer fixed fees for simple* estate planning.
*before undertaking any work we will discuss your instructions and confirm whether your Will is able to be prepared for a fixed fee.