Top 5 Reasons Why You Should Have a Will

Top 5 Reasons Why You Should Have a Will

February 5, 2018

Making plans in the event of your death is a confronting situation. Plus, there’s no need to do it now, you have plenty of years left ahead of you to think about things like a will. Right? Unfortunately, life can be unforeseen and sometimes unexpected tragedies happen. For the loved-ones left behind, a will can make their grief and stress over your passing a little easier.

It’s important to note, a will is not just a napkin bequeathing everything you own away with a signature. A will is a properly drafted (by a lawyer), signed, witnessed and dated statement that complies with all legal requirements. Here are the top five reasons why you should have a will.

1. Who Gets the Children?

Again, we don’t like to think about it, but tragedies and untimely deaths do happen. Accidents happen, and what about your children should both their parents die? Having a will, will ensure that your children will go to whoever you appoint as guardian. For single parents, this is an even more urgent issue. The very last thing that you want is for your children to be without a home or guardian. A will shows that your decision was carefully considered and arranged, and is compelling evidence of your intentions.

2. Who Gets What?

If you don’t want just anyone swooping in and laying claim to all of you treasured possessions and hard-earned assets, then you’re going to have to make it clear who gets what. If you die without a will, you will have no control over who takes what. Say, for example you are separated, but haven’t officially divorced, they could still be entitled to most of your estate. Even if you have divorced, without an official will they can still lay claim to the majority share. If you do have a will, you can make sure your children are provided for after you are gone and that all of your belongings go to the right people. It will also significantly reduce the chances of their being any estate disputes.

3. Who Is in Charge?

Just because you have passed away, doesn’t mean your bills and chores have gone with you. Someone is going to have to take over and take on the responsibility of distributing your estate per your directions, managing your bills and debts, etc. If you appoint an executor to your estate – this is often someone close to you that you consider capable of this role – they can ensure everything runs smoothly after your passing. Without an administrator for your estate, the Public Trustee will take over, charging a fee that can sincerely add up and erode whatever estate there is left behind.

4. Who is Entitled to What?

Money is a strange thing, and often when it comes to an inheritance people can get a little caught up. As sometimes happens, beneficiaries feel entitled to more. If you haven’t made it clear who will inherit what in your will, your estate will be up for grabs. Sitting down with a lawyer to create a properly drafted will, can limit any possible inheritance claims and make it clear who gets what in order to limit disputes and arguments between loved-ones.

5. Have You Made Things Difficult?

It’s an awful thing to have someone you love pass away. It’s only made worse when you have to deal with difficult and complex estate and inheritance decisions while grieving. You want the distribution of your estate to be quick and easy; straightforward enough that everyone that you love is taken care of and isn’t left with a ton of stress.

Legal advice is crucial to drafting a sound and credible will. If your statement doesn’t comply with legal requirements it will be open to will disputes and people contesting the Will. Radich Lawyer’s specialises in Will & Estate law, and can work with you to prepare a will for your estate. Our professional Gold Coast will and estate lawyer can ensure your loved ones are looked after.

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