Don’t leave anything to chance
Remember when your parents used to say that you were growing up too fast? And you thought, it’s not fast enough!
The thing about growing up is that before you know it, you get swamped with mortgages, insurances, paying taxes, superannuation and wedding planning.
What’s your legacy?
In simple terms it is the story of your life and the lasting impression you might leave. Writing a will is your final message and allows you to have a say in how your affairs are managed when the time comes. It’s not always about the money and you might not want to think about it right now, but it’s part of getting older and worth sorting out. Eventually, you’ll be glad you did.
Here are five reasons to get a will today:
- In a post Covid world you want to travel again
Pre COVID it was a sad truth that each year almost 1000 Australians die whilst travelling overseas, usually through an accident or from illness. Don’t become a statistic, get things sorted by writing a will and preparing your powers of attorney as part of your travel preparations.
- You are a member of the military.
Military service can be high risk especially during active service. Anyone of entering the military should make a will and prepare powers of attorney documents.
- You have an inheritance.
If you have just received an inheritance, then you should have a will that details how to deal with the inheritance after your death.
- You own an animal.
It is not uncommon for people to include plans for their pets in their wills. If the unthinkable were to happen and you died unexpectedly, what would happen to your beloved pet?
- You are active on social media.
Without instructions from you in your will, your family and/or friends won’t know what to do with any photos or documents stored on your social media account or how to manage your social media account in the event of your death.
You don’t want to be a statistic, right? Making a will is something everyone over 18 should do but many people don’t get around to it. Most Australians under 50 don’t have a will.
Buck the trend, write a will and update it whenever you experience a major life change like starting a family, buying a home or getting married.
What is a Guardian?
A guardian is an individual to whom a judge or a will gives the legal responsibility to care for a child or an adult who does not have the capacity for self-care. The appointed individual is often responsible for both the care of the ward (the child or incapable...
If you are listed as an Executor, do you need to take up the responsibility?
A nominated person does not have to accept the appointment as executor. A nominated person can, before applying for a Grant of Probate, appoint the State Trustee to act in their stead, or simply sign a renunciation. However, once a person has undertaken any aspect of...
What if no executor is named in the Will?
If Will-maker failed to appoint an executor, usually the court needs to appoint someone to administer the estate. A person appointed by the court is called an administrator (of a Will). Often this is the beneficiary with the largest portion of the estate. An...
Why are Wills important?
Just like going to the dentist or doing taxes, many of us put off writing our Will because it’s something we don’t really want to think about. But if you aren’t specific in how you would like your estate to be distributed after you die, if something were to happen to...
Who needs a Will?
A Will is one of the single most important documents a person can have; yet, so many of us put off dealing with it for far too long. Many Australian’s assume that they’re “too young” to need a Will. Some people believe that they don’t own enough assets or have a big...
What is a beneficiary?
A beneficiary is a person who receives all or part of the distribution from the deceased estate. There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide...