Wills are synonymous with procrastination for the average Australian. There is no doubt that many people don’t relish preparing for their own demise, but having a current and well-prepared will in place is crucial for everyone. So, why do you need to prepare a will?
Essentially, having a will ensures that your wishes are clear, even after you are gone. Having a will gives you the power to determine who receives money or assets from your estate, what they get, and when they get it.
Determining who’s going to take over the care of any dependant children is another critical reason to have a will. A will can contain clear instructions on where you would like your children to live, any religious or educational wishes you may have for them, as well as your financial plans.
Losing a loved one is undoubtedly a stressful time for families. Having a current will in place that clearly outlines your wishes can avoid complications at this already difficult time and ensure the risk of things, such as your estate being contested, are minimised.
Should you pass away without a will you are considered to have died intestate and the government will determine what happens to your assets. This can be a slow process and can even result in your assets being retained by the state if there are no clear heirs.
An executor is the person who is responsible for carrying out whatever wishes you have outlined in your will. Who this is is something you are able to outline in your will, ensuring you are able to select someone you trust, who is clear on what you wanted, and who understands the financial decisions they may have to make on your behalf.
If you have a vested interest in any business, and particularly if you are a sole trader or director of a company, it is essential that your wishes with regards to the business assets are also clarified in a will. There can be a lot of complexity around what happens to business assets and trading following a death and a correctly prepared will can address many of those issues quickly and easily.
Charities and gifts
Many of us have charities and gifts we have supported throughout our lives and that hold special meaning for us. A will gives you a mechanism to ensure that gifts or donations are able to be made to any charities that are important to you after you have passed away.
So how do you get a will? Easy! Christie Lawyers are able to prepare a will tailored specifically to your needs and can also assist with will storage and updates as you reach new life milestones. Getting a will won’t cost you a lot or take a lot of time but can save your loved ones from a lot of difficulties so don’t delay and contact us today.