Let me predict a few things that will happen this year: Donald Trump will make at least 20 gaffes, electricity costs will get even higher…and you still won’t have a will sorted!
I know, I know before you shut down this blog and run for caffe latte no. 3, doing a will is as exciting as cleaning your teeth…except more painful?! So let’s take a more light-hearted look at a serious subject and outline the top myths that stop some 45% of Australians getting a will together! If you’re reading this, you’re most likely one of those, so plough on…we’re pretty sure you’ll learn something new!
Myth 1: I don’t need one
Many people assume that their assets will automatically be distributed as they’d wish to their loved ones, be it wife Sally or little Johnny, but alas this is not necessarily so. Did you know that if you die ‘intestate’ (without a legal will) the Government decides who gets the family crockery let alone your hard-earned cash and in what % split? I’m pretty sure none of us would let the government choose our next holiday, so why would you hand over control to them distributing your estate?
Myth 2: I already have one
For those of you who have gotten a will at some point, firstly hurrah for you! I don’t want to be a naysayer but it’s important to note that a will can easily become invalid or at least contested in some of the following examples:
- You divorce (let’s face it in the thick of a divorce your will is probably the last thing you’re thinking about, but it’s vital to as soon as possible if you don’t want your ex getting a grab at your assets)
- You remarry. There are loads of complex family situations now with remarriage, blended families and de facto relationships. All of these situations make it even more important to have a will that is legal and outlines exactly who gets what.
- Retiring. You may be focused on trying out hydroponic gardening, but if you haven’t taken a look at your will in decades now is the time to. You’ve probably added significant assets since then, may have new grandchildren or changes in family situations….it’s vital to get it right!
Myth 3: It costs too much
Whilst there are free will kits available, they can be fraught with danger and not stand up in court if the wording is incorrect. In addition, if you have any complex financial structures such as trusts, if you have a business with intellectual property or some $s in investments, it’s only going to require even more careful structuring and wording.
When you consider that the average Australian spends $1,200 to $5,000 a year on alcohol, which amounts to some $24,000 by the time they’re 30, it kind of seems ridiculous to quibble at a small amount to protect your hard-won $s?
Apart from those myths, not the least of all reasons to have a legal will is, of course, ensuring your nearest and dearest have the smoothest process to deal with in accessing your estate. Sure, you may not be around to see it, but for most of us, our inheritance is one of the most concrete things we gift to our dearest ones.
“How delightful! Dunford had just come into an unexpected inheritance. She rather hoped it was something good. One of her friends had just unwillingly inherited thirty-seven cats.”
– Julia Quinn, Minx
Whether it’s cats, cash, houses or just some treasured crockery you own, a will is a must-have document that is so often neglected.
Contact us today and we’ll start the process for you with our Estate Planning specialists.