Around 40% of Australians do not have a will, with the majority of that group citing procrastination as the main reason for not having made a will. But when unexpected events occur, a valid will ensures your children are taken care of, tax is minimized and your estate is distributed in the way you prefer. Luckily, wills are inexpensive and easy to write with the help of a lawyer.
So, do you need a will? Here are 4 reasons why making a will should be a priority:
1. Minor children are taken care of
If you have children under the age of 18, a will can be used to nominate guardians for those children in the event that you pass away. A will can also detail how you would like your children’s education and maintenance to be managed, such as if you would like them to attend a particular school. Additionally, you can designate the assets you intend to leave in trust for your children, and nominate the trustees who will manage these assets.
2. Limit stress for family
The distribution of one’s estate can be a stressful and difficult time for family members. To ease this burden on your relative, a will allows you to specifically decide who will receive what possessions. This minimizes the chance that your will will be contested, and helps prevent conflict between family members.
3. Protects assets for unmarried couples
Assets are not automatically transferred between couples who are cohabitating if they are not in a defacto relationship or married. If you would like your assets to be transferred to your partner upon your death, it is important to specifically state this in your will.
4. Nominate an executor
A will can be used to nominate a trusted friend or family member to act as the executor of your estate. The executor distributes the assets in the estate, helps settle your debts and attempts to fulfill the requests you have made in your will.
How Etheringtons Solicitors can help
If you or someone you know wants more information or needs help or advice, please contact us on (02) 9963 9800 or contact us via our contact form. If you would like to prepare your will with us, please fill out the Will Instruction Form and we will contact you.