Many people postpone writing a will. Maybe it’s because we don’t want such a tangible reminder of our mortality. Or we don’t want to face making difficult decisions. Whatever the excuse may be for putting off the drafting of a will, many people do not realize that writing one actually prevents what is feared.
Research has recently revealed that around 50% of Australians die without a Will, leaving their loved ones in a very tricky situation. A will isn’t about how many assets you have, it’s about ensuring what you do have gets to the people who you want it to go. Writing a Will is one of the most important things you can do to secure your loved ones’ future.
What is a Will?
A Will is a legal document that sets out how you want your property and possessions distributed after you die. A properly drafted Will can shield your loved ones from legal disputes and the hassle of handling your estate after your passing. It can also help to prevent discord within the family after your passing. Simply put, a will ensures that your property and assets are distributed according to your wishes.
Why should you have one?
There are plenty of things to consider when making a will. Here are a few of them:
1) Save time, money and stress for your loved ones.
One of the main reasons to have a will is to streamline the court process. When you have a will, you can choose the person you want to handle your estate, making it easier for your loved ones.
2) Decide who gets your assets and property — and who does not.
Most people know that a will lets them decide who will get their property. But you might not be aware that you can also use a will to help ensure that some people don’t receive anything. For example, you might want to prevent an ex-spouse from receiving an inheritance. All of this can be outlined in your will.
3) Lower the potential for family disputes.
It makes sense to have a will if your family dynamics are complicated. Your family will have to assume what your final desires were if you pass away without a will. They probably won’t always agree, either. This ambiguity can lead to conflict and even battles that can last for a lifetime.
4) Provide a home for your pets.
Owning a pet is a great reason to have a will. With a will, you can make sure that someone takes care of your pet after you die. You can name a beneficiary for your pet, leaving them to a trusted friend or family member.
5) Support your favourite causes.
Many people want to leave a positive impact on the world after they pass. Supporting the organizations or causes you care about most is a wonderful way to do this. By including a bequest to a charitable organization in your will, you can protect your legacy.
