Making a Will can be a scary prospect for many people, and there are a high percentage of people in Australia that do not have a Will in place. People come up with all sorts of reasons for not putting one together. Below are just a few of those excuses that may resonate with you too! But we are to here to help you see that it is easier than you might think.
1. The effort required
It may seem like a “big task”, but when broken down into chunks, and with some help along the way, it is a simple process. How much is peace of mind worth?
2. Where to start
Starting is the hardest part, but saying “I don’t know where to start” is not a good excuse. You could start by doing some online research, then get a folder together and start jotting down your first thoughts; talk to your friends and family to see what they have done; you could go online to start making a will (www.willswelldone.com.au) that guides you step-by-step through the process. You just need to start!
3. I’m a very private person
Nobody really likes to divulge their personal information to a stranger, and if you think the only way to get your will organised is to talk to a lawyer, then maybe the online way is the way to go. You can create a Will online in the privacy of your own home where you have access to all the required information. Once complete, all you then need is to get it witnessed by a lawyer and held somewhere safe (i.e. with the Law Firm). There will be costs associated with this but they will be minimised as you have done all the legwork.
4. It’s all a bit grown up, isn’t it?
So you think you’re not old enough to make a Will? Never too young, never too old. This Will doesn’t have to be the “ants pants” of a Will, just the starting point. If you think you are not old enough to be making huge decisions, you may need to understand that having a Will isn’t just “for the grown ups”, it’s for everyone! Particularly for the younger generation, who have a lot of digital assets (think facebook accounts, email accounts etc). Who would look after all of your online ‘possessions’ if you passed away? Then, as circumstances change and your Will requires updating, it will become easier. Even young teens can benefit from the experience of watching their parents create a Will. They would be interested more so because of the “online experience”. You are never too young to start planning ahead.
5. What’s the worst thing that can happen if I don’t have a Will?
Without a Will, the worth of your estate (which you may not be aware of until you do a bit of work and make the calculations) will be dispersed by the probate court based on your family setup. If you are married, your spouse will get all or a part of your property, then your children and, if no children, then your parents, etc. To do this costs money and your estate will pay for this, which means less for those that you love and have left behind. So get a Will in place so your loved ones get what you have worked so hard for.
6. I don’t want to deal with the family issues
This is one of the major reasons people don’t tackle doing their Wills. Looking at issues from the past can be very daunting. Add blended families, past relationships, special needs children, members of the family that may be spendthrift, and you may think you are wading into a minefield. But there is help out there – and there are solutions. Lawyers are confronted with this type of situation on a daily basis, so they know the ropes. You can do a great majority of the leg work before you even see a lawyer: gathering documentation, thinking about how you would like to disperse your will, who would be your beneficiaries, etc. This will then minimise the actual Lawyer costs.
7. Only the wealthy need wills.
The notion that only the wealthy need Wills is just not correct. Everyone needs a Will: married, single, poor, rich, young, old, with or without children. If you have assets (i.e. house, car, shares, bank accounts, family heirlooms, a business, digital assets), you need a Will.
8. Disagreements over who needs a will within relationships
She wants a Will, he thinks they don’t need one. This is the perfect scenario for neither party ending up with a Will. You don’t have to agree to get it done together, but it would help. However, if there is no agreement, having at least one Will in place is beneficial. And when the spouse who is not cooperating (!) sees how easy it is to make a Will, they might just decide to go ahead and do theirs.
So while you may have been thinking one or more of the above ‘reasons’ to not put a Will in place, as you can see, there really is no reason NOT to and an overwhelming number of reasons to have one in place. Easy or hard, long or short, complex or simple, there is a path to get your Will in place so that you and your family can rest easy.
Think you don’t need a Will? What about all those photos in flickr or all the information in your Facebook account? Consider your digital assets.
By the Private Wealth team at Chamberlains Law Firm:
Vik Sundar
Practice Leader – Private Wealth
E: vik.sundar@chamberlains.com.au
Recent Comments