Writing a will is one of the most important things you can do for yourself and your loved ones. A will is a legal document that clearly describes how you want your assets distributed after you pass away. Some reasons why you should consider getting a will done are:
- Avoid family disputes: While a will can’t work miracles, a will can help avoid disputes among family members. By clearly drafting a will, you can help prevent arguments and ensure that your assets are distributed according to your wishes.
- Protect your children: If you have minor children, a will can help ensure that they are taken care of by someone you trust. You can name a guardian for your children in your will, which can help give you peace of mind.
- Minimise taxes: A will can help minimise the taxes that your estate will have to pay. By planning ahead, you can help ensure that your assets are distributed in the most tax-efficient way possible. This helps maximise the benefit to your family.
- Choose your executor: Your executor is the person who is responsible for carrying out your wishes after you pass away. Choosing your own executor, ensures that your wishes are carried out in the way that you want by somone you trust.
- Update your will: You should make sure your will is up to date and reflects any change in your family’s curcumstances. This can help ensure that your will always reflects your current wishes and that they can be carried out when you pass away.
If you don’t have a will, your assets will be distributed according to the laws of intestacy. This means that the government legislation will decide who gets what, which may not be in line with your wishes. Even if your loved ones know how you want your estate to be distributed, without a will, your estate must be distributed according to the legislation. Here are some other things that can happen if you don’t have a will:
- Family disputes: Without a will, family members may argue over who gets what. This can lead to lengthy legal battles and can cause irreparable damage to family relationships.
- No control over your assets: If you don’t have a will, you won’t have any control over how your assets are distributed. This means that your assets may be distributed in a way that you wouldn’t have wanted. For couples with no children, this could result in the couples assets going to just one persons family.
- No say in who takes care of your children: If you have minor children and you don’t have a will, the court will decide who takes care of them without any direction from you. This may not be the person that you would have chosen to raise your children.
- Higher taxes: Without a will, your estate may have to pay higher taxes than it would have if you had a will. This may result in much of your estate being eaten up by taxes or one beneficiary receiving less due to their personal circumstances.
- Estate protection: With proper planning and a will you may be able to provide some protection for your children’s inheritance against family law and insolvency claims.
If you don’t have a will or haven’t updated your will in over 3-5 years you should have your estate planning needs reviewed today.
