It’s estimated that up to 50 per cent of Australians die without a Will – a situation known as dying “intestate”. This can cause a multitude of problems for family and loved ones left behind.
Understanding why you need a Will is an important part of estate planning. A properly prepared Will ensures your wishes are followed and helps avoid legal complications for your family.
So, why do you need a Will in Australia?
Choosing an Executor
One of the most important reasons for having a Will is choosing someone who will have the authority to finalise your affairs after your death.
The executor of your Will is responsible for sorting out issues and paperwork. This may include bank accounts, superannuation, property that needs to be sold or transferred, and dealing with institutions such as nursing homes.
You can appoint up to four executors in your Will, although most people choose one or two.
Deciding Who Inherits Your Assets
Another vital aspect of having a Will is stating who should inherit your money and belongings after your death.
Everyone has final wishes. This may include who receives your house, any money you leave behind, or special items of jewellery you want to go to a particular person. Your Will should clearly state who gets what.
Guardianship for Your Children
If you have young children, your Will can also state who will look after them if you pass away.
Appointing a guardian for your children is very important. This is particularly true if you are currently a single parent, or if both parents die unexpectedly.
What Happens If You Don’t Have a Will
Without a Will, there is no certainty about these issues.
A court could appoint a stranger to administer your estate. In some cases, it could even be someone you would not have chosen, such as a former spouse.
Using the Public Trustee
Some people choose to have their Will prepared for free by the Public Trustee. However, this often means the Public Trustee also becomes the executor of the Will.
The Public Trustee charges fees for this service. As a result, there may be little left of your estate to distribute to family and loved ones.
Things to Think About When Preparing a Will
Things to consider 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?
How GLG Legal Can Help
Preparing a Will doesn’t have to be a costly or complicated process.
The wills and estates experts at GLG Legal can guide you through each step and help ensure your Will reflects your wishes.
Call us on (07) 3288 3511 or email info@springfieldlegals.com.au to book your consultation.
