Your Will is possibly one of the most important but underrated documents that you will write in your life. It often does not occur to people until they get married or buy a large asset, such as a house, that they need a Will. I often hear people say “but I don’t have anything.” In reality, a Will is something you should consider as soon as you turn 18.
If you have had a part-time job while you were a student, you probably have a superannuation account. While the balance may be minimal it is possible that there is an insurance component which could pay out a death benefit of tens of thousands or hundreds of thousands of dollars upon your death. In addition, you would have a bank account and have probably had a mobile phone account since you were a teenager, and when you turned 18 you may have bought a car and had it registered in your name.
This is not to mention the numerous social media and other online email, finance and purchasing (iTunes, PayPal) accounts you may have, but this topic requires its own dedicated piece.
If you were to die unexpectedly, someone will need to deal with these few things at a minimum. If you do not have a will, there are laws that dictate who may become authorised to deal with your assets and personal belongings, and ultimately who will receive them.
In today’s world where many people live together in domestic relationships at much different ages and stages than might have been the case in the past, this can create confusion between the partner and the parents (or other relatives) of the deceased person as to who is the person entitled to administer the deceased’s estate.
By making a will you have certainty around who will receive your estate and a nominated Executor whose role it is to call in the assets of the deceased person and distribute them to the beneficiaries named in the Will. A well drafted simple will together with the death certificate is usually all that is required to deal with small estates and keeps the cost of administration down.
What about the cost? Lawyers do not have a good reputation for value for money, however a properly written Will may be one of your best investments. You may be surprised to know that in many cases making a will costs less than it does to service your car.
A lawyer can offer tailored advice about –
- choosing an appropriate executor
- providing for blended families
- catering for the needs of young children
- protecting the inheritance of troubled beneficiaries
- the most tax effective way to distribute your estate to your beneficiaries
and much more. Call us today on 5331 7555 to make a time to chat with Georgia Yanner.