Whether you’re 18 or 80: Why it’s important to have a Will
By Pete Gwozdecky – Solicitor, Estates & Estate Planning
18 August 2016
Why do I need a Will? It’s a commonly asked question.
Some people just don’t want to have to think too much about anything associated with dying, while others think they’re too young to need a Will because they don’t have any children or significant assets.
Well, here are a few issues to think about when you’re asking yourself that question:
A valid Will is the only way to efficiently and effectively pass on your estate to those you want after you die, and as long as you’re over 18, your age isn’t a relevant consideration as to whether you should have a Will.
If you die without a valid Will it’s known as dying “intestate”. When that occurs, your estate won’t necessarily go where you want it to and, depending on its size, someone must be appointed by the Court to administer your estate and the consent of your next-of-kin or other relevant persons may be required.
Dying intestate may delay the process and increase the costs of administering your estate, for example, in establishing your next-of-kin who would be entitled to a share of your estate. Administering an intestate estate may also not be tax effective. If you die without a Will and you don’t have any close relatives, your estate may go to the government.
By having a valid Will, you would avoid the unnecessary expenses and formalities associated with administering an intestate estate, the responsibility for which could fall to your family.
Your Will could also provide for the appointment of Guardians for your children, directions regarding burial and directions that personal assets be divided in a particular way.
However, a valid Will alone may not adequately dispose all of your property after you die. For example, your interest in Superannuation (which may also include a life insurance component) may not form part of your estate unless adequate binding death benefit arrangements are in place.
In addition any property that is own with someone else as joint tenants will not form part of your estate.
We strongly encourage everyone over the age of 18 to consider instructing a legal practitioner to advise you on preparing a Will. A legal practitioner can advise you on these three key matters:
What will form part of your estate;
What will not form part of your estate; and,
What is able to form part of your estate.
If you’re reading this via a Facebook link, then it’s likely you have a Facebook account. Your Facebook account, along with other “intellectual property” – such as email accounts – is your property and would form part of your estate when you die.
Facebook allows you to choose a ‘Legacy Contact’ – a person who can look after your account in certain circumstances. You can find out more information about Facebook’s Legacy Contact by clicking the following link: https://www.facebook.com/help/1568013990080948
For more details and assistance, please contact us on 1800 643 779 or click on the following link for more information on making a will: http://www.comminshendriks.com/making-will-0