While this is a sensitive topic and you may be hesitant asking your friends and family, having a plan is important for peace of mind. Here we address some of the common reasons people put off preparing their Will.
‘I don’t have any assets’
It’s not unusual for many to believe that they don’t have any assets and therefore not require a Will. However, assets do not necessarily need to be a house, or expensive vintage items. Bank accounts, superannuation and even your 15-year-old second-hand car are considered assets.
Once you begin working, you start accruing assets. Unpaid employee entitlements, such as annual or long-service leave, are assets that are often overlooked. These entitlements will be paid to your estate. When you start calculating the value of your assets, it may become more than you initially thought.
‘I’m too young to think about a Will’
Life can be unexpected and sudden events can occur without notice. We don’t expect for bad things to happen but unfortunately, they do. In Australia, when a person passes without a Will, the ‘rules of intestacy’ applies. This means your assets or estate will be divided to eligible relatives according to a statutory hierarchy determined by the relevant state. The rules of each state also determine who has authority to administer your assets. For example, in Victoria this authority will first go to your grandchild before your parent or sibling.
If you prefer to have your say on who administers your assets, and how your assets will be distributed, do not wait until your 50s or 60s to start making these decisions. More people are leaving their family nest at a younger age, so financial independence is coming about earlier in life. It’s never too early to plan your future.
‘I’m single but may want kids in the future – what if I need to change my Will?’
A common milestone people usually reach first before considering writing their Will is having children. Although Wills cannot be amended once it is fully executed, they can certainly be drafted in a way that can encompass for changes in the future. Whether you currently have children or not, using specific language in your Will means that any children born later can still be provided for.
Navigating this next chapter of your life can be complex and confusing. W Legal Group can assist you in writing your Will to ensure your wishes are documented and your loved ones are provided for.
