5 Reasons YOU Should Have a Will

As life expectancy increases and more Australians live into their eighties and nineties, it is important for all of us, but especially those aged 40-50 years old who may have have children, a home, a business and an asset base, to consider creating a will. Here are five (5) reasons why:

1.    Estate Planning: A will allows you to ensure that your assets are distributed in accordance with your wishes upon your death. This may involve distributing assets to family members or making charitable donations. It also ensures that any disputes regarding who should receive which asset after death can be avoided.

2.    Avoiding Conflict: Crafting a will can help avoid conflict between family members when the time comes to administer the estate of the deceased person. Having a valid legal document specifying the distribution of the estate makes it easier for all parties involved, as there is no ambiguity surrounding who gets what and avoids potential disputes amongst heirs.

3.    Protecting Minor Children: If you have minor children, a will provides an opportunity to name guardians of those children in case something unexpected should happen to both parents before they reach adulthood. Without such protection, these decisions could be left up to the court system if there is no will in place upon death.

4.    Saving Time & Money: Crafting a will takes time and money but it often saves families from going through expensive legal proceedings due to not having an official document showing how assets should be divided after death. Additionally, setting up trusts via a will helps protect minors’ inheritance by placing limits on when they receive access (e.g. at age 25) versus them receiving access as soon as possible after their parent’s passing.

5.    Peace Of Mind For Your Loved Ones: Knowing that all arrangements have been made according to your wishes will provide peace-of-mind for your loved ones during this difficult time, allowing them to focus on mourning without worrying about where their financial future lies.

Overall, it is important to consider drafting a legally binding Will when considering long-term estate planning and asset distributions. By taking some time now, individuals can rest assured knowing they have taken care of their loved ones when they are no longer able to do so themselves.

Would you like access to an easy and cost-effective Will? Power of Attorney? Advance Personal Plan? Yes? Then click here

If you prefer to speak directly with a lawyer, please feel free to call Vincent Close on (08) 8941 6355 or email vincent@bowden-mccormack.com.au should you wish to discuss any Will or Estate administration issues.