It’s estimated that up to 50 per cent of Australians die without a Will – that’s called dying “intestate” and it can cause a multitude of problems for family and loved ones left behind.

So, what exactly is the point of doing a Will?

One of the most important reasons for having a Will is to choose someone who will have the authority to finalise your affairs after your death. 

The executor of your Will is the person will sort out any issues and paperwork, including bank accounts, superannuation, any property that needs to be sold or transferred, and deal with institutions like nursing homes.

You can have up to four people as executors of your Will, but most people choose one or two.

Another vital aspect of having a Will is quite simply, to state who you would like to inherit your money and belongings after your death. 

Everyone has final wishes – who is going to get your house, any money you have left behind, if you have special items of jewellery you’d like to go to a particular person. Your Will should clearly state who gets what.

If you have young children, your Will is also a document that can state who will look after your children in the case of your death. Appointing a guardian to your children is very important, especially if you are currently a single parent, or in the event both parents of your children die.

If you don’t have a Will, there will be no certainty about any of these issues. The courts could end up appointing a stranger to administer your estate, or it could be someone you would not have chosen, such as a former spouse.

People may choose to get their Will done for free by the Public Trustee, however, in many cases that means the Public Trustee also becomes the executor of the will too. The Public Trustee charges very high fees for this service, and there may be little left of your estate to distribute to family and loved ones.

Things to think about when meeting with a lawyer to prepare your Will include:

• Who will be your executor?
• Who are your beneficiaries?
• If you have young children, who will care for them in the event of your death?
• Do you have a business, family trust, or company?
• Do you own assets in another country?
• Do you wish to leave any money to charity?
• What’s going to happen to your superannuation fund?
• Do you have a life insurance policy?

Preparing a Will doesn’t have to be a costly and complicated exercise. The Wills and Estates experts at GLG Legal Springfield can help you through this process.

Make an appointment by calling us on: (07) 3288 3511 or emailing: info@springfieldlegals.com.au