One of the most common questions we receive from clients is “do I need a Will?”.
We suggest that everyone over the age of 18 write a Will to legally document their wishes and relieve the pressure on their loved ones during a time of grief.
A Will is a legal document that specifies who will inherit your property and assets when you pass away. When you have a valid Will, you boost the likelihood of your assets going where you want them to and reduce any risk of them being tied up in costly and lengthy legal battles well after your passing.
This article examines the key reasons why you need a Will to help you understand just how significant this legal document is.
Assigning Your Assets
One of the key reasons for creating a Will is to determine who will receive your assets when you pass away. Your assets include things such as any property you own, as well as your bank accounts, cash, shares in companies, and more.
Even if you don’t have significant assets, such as property, you should still have a legal Will to determine who will receive other important items you may own, including things such as your car, pets, superannuation, insurance payouts, or any valuable collections you might own (i.e., art, memorabilia, or even handbags).
Alternatively, you might dedicate your assets to supporting a charity or cause that’s important to you.
Personal and Heirloom Items
Your Will also determines who will inherit any specific personal or heirloom items after your death. This might include a special piece of jewellery, an ancestor’s war medals, or even items such as photo albums. Passing these objects on to your loved ones in your Will is a great way to keep a family tradition alive and show them how much they meant to you.
Funeral Arrangements
Your Will can also be used to outline any specific wishes you have for your funeral. This is especially important if you have any cultural or religious arrangements that you want to take place. Additionally, it’s helpful to think about matters relating to burial or cremation and address these in your Will. This can take much of the stress off your loved ones when planning how you will be laid to rest.
Legal Guardianship
If you have children under the age of 18, then it’s important to outline who you want to act as their legal guardian if you were to die. While it can be a difficult issue to think about, it certainly allows you to rest a little easier knowing that your wishes have been legally documented, and your children will be going to someone they know and are safe with.
Executorship
A Will can also be used to appoint an Executor. An Executor is a person or organization in charge of managing your assets and carrying out the instructions in your Will after your death. One of their main duties is to guarantee that your assets are distributed to the nominated beneficiaries.
An executor might be a trusted lawyer, friend, or family member. Without the appointment of an executor, the court must decide who will take on this important role.
In Summary
Having a plan in place for your assets and the people you love is always a smart idea, no matter what stage of life you are in. It is particularly important, however, if you have family or people who are financially reliant on you.
The sooner you have your Will figured out, the sooner you can relax knowing that everything will be taken care of if the unfortunate was to happen.
If you or someone you know wants more information or needs help or advice, please contact us at (03) 9422 5439 or email laurie@irvinelawyers.com.au.
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