Why should I make a Will?

It is quite alarming to think that if the New South Wales Trustee & Guardian is correct, around 45% of Australians are storing up trouble for their families in years to come. Why? Because they do not have a Will.

This does not take into account those who do have a Will, but have not updated it to reflect any changes in circumstance.

Without an up to date Will, giving clear instructions, there is always a risk of a family fall out. Without a Will, naming names, there is a risk that the people you love will receive nothing. And without a Will, smoothing the way, your family will have more to deal with after your death than they would have otherwise.

What is a Will?

In practical terms, a Will is a legal document that sets out how you want your assets to be distributed when you die.

But a Will can be much more than a simple distribution of property. Our lives are made up of more than material assets, important though they are, and a Will is the best way to make sure that everyone and everything important to you is looked after in the event of your death.

In short – a Will is a form of protection for you and your family. 

What can be covered in a Will? 

Wills not only deal with the allocation of assets to specific beneficiaries, they also cover a variety of other issues. These include:

• Appointing a guardian for your dependent children. The guardian will be responsible for your children until they are old enough to look after themselves.
• Ensuring pets are looked after for the rest of their lives.
• Looking after children from a previous relationship.
• If you are in a cohabiting relationship, but aren't married or in a civil partnership, then you can ensure your partner is looked after. They may not be entitled to a share of your estate unless they are specifically mentioned in your Will.
• Supporting charities by leaving them a bequest.
• Setting out your funeral requests, to make decisions easier for loved ones at a very emotional and stressful time.
• Specifying whether you want to be considered for organ donation, again making it easier for loved ones at a very difficult time.
• Appointing an executor, who will manage your estate and ensure your wishes are carried out.

Do I need a Will? 

Rich or poor, a Will is one of the most important personal planning documents you can have. It goes beyond deciding who will inherit your house or jewellery, but instead sets plans in place to ensure your affairs are managed in the way you want when you are no longer there to look after them yourself.

What if I don't have a Will? 

If you don't have a Will then you will not able to influence what happens to your estate when you die.

Any assets that you possess will be distributed in accordance with a pre-determined formula (known as the 'intestacy rules') and people that you would have liked to benefit from your estate may be left out.

The more complicated your family relationships, the more likely this is to happen.

For instance, the intestacy rules only apply to family relationships up to the distance of first-cousins. If your nearest relatives are more distant that this level of family connection, your estate might go to the State of New South Wales instead. If you don't want this to happen it is important that you write a Will.

The inheritance situation can become even more complicated if you have been married before and have children from that relationship as well as children from your current relationship. A further complication may arise if your current partner is not your spouse or civil partner, as they are not automatically entitled to a share of your estate under the intestacy rules. If you want to be sure an unmarried partner will inherit then you need to officially make them beneficiaries in your Will.

Dying intestate (without a Will) will also create uncertainty and confusion amongst your loved ones at a time when they are already having to deal with their grief over your passing. The best way to protect them from this additional turmoil is to write a Will to provide clarity to all concerned. 

Act now 

Some people see making a Will as a morbid act, or worry that by making a Will they are somehow 'tempting fate' and encouraging the worst to happen. However, writing a Will is actually a very positive and proactive step and provides the best opportunity to control your affairs when you are no longer here.

Most people get a great deal of comfort and peace of mind from the knowledge that arrangements are in place and their loved ones will be protected should the worst happen. So don't delay, and speak to a lawyer as soon as possible to begin the estate planning process.

Contact us 

Szabo & Associates Solicitors offer a professional and experienced Will writing and general estate planning service. If you want to write or update your Will in New South Wales, then contact Szabo & Associates Solicitors today. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.