Why it’s essential to get your will up to date

As an adult, it’s easy to put off thinking about writing a will. After all, your death is not the most pleasant thing to consider, and it can feel like there are more pressing matters at hand. However, creating a will is a crucial step that every adult should take to protect themselves and their loved ones.

Here are a few reasons why having a will is really essential:

1. To ensure that your assets are distributed according to your wishes

When you pass away, you want to make sure that your assets are distributed in a way that reflects your wishes. If you don’t have a will in place, your assets will be distributed according to the laws of your state or territory, and this may not align with your preferences. By creating a will, you can ensure that your assets are distributed as you see fit, and that your loved ones receive the support they need.

2. To avoid family disputes

Without a will in place, there may be disagreements among your family members about who should receive what. This can lead to significant disputes and even legal battles, which can cause a great deal of stress and heartache for everyone involved. By creating a will, you can help to prevent these disputes and ensure that your loved ones are able to focus on grieving and moving forward.

3. To name a guardian for your children

If you have children who are still minors, one of the most important things you can do in your will is to name a guardian who will take care of them if you pass away. This can give you peace of mind knowing that your children will be in good hands and that their future will be secure.

4. To minimise taxes and fees

If you don’t have a will in place, your estate may be subject to higher taxes and fees than necessary. By creating a will, you can work with a lawyer or financial advisor to structure your assets in a way that minimises these costs and ensures that your loved ones receive the maximum benefit possible.

5. To plan for incapacity

A will is not just about what happens after you pass away – it can also help you plan for incapacity. By creating a living will or other advanced directives, you can ensure that your wishes are respected if you become unable to make decisions for yourself due to illness or injury.

Although it’s never an easy thing to contemplate your death, creating a will is an essential step that every adult should take. It can help to ensure that your assets are distributed according to your wishes, prevent family disputes, name a guardian for your children, minimise taxes and fees, and plan for incapacity. While it may not be the most pleasant thing to think about, creating a will is an act of love and consideration for your loved ones, and it can provide peace of mind for you and your family.

Get your will done AND save a life!

Do you want to organise your will AND save a life? Westpac Helicopter is again taking bookings for their “Wills Week” campaign in April this year. Solicitors all over NSW are donating their time and fees for preparing your will during ‘Wills Week’ to Westpac Helicopter. This is an incredible opportunity for you to get your will done for a small price and save a life with Westpac Helicopter.

Note this fee donation is for your will only. It doesn’t include if you also get your power of attorney / enduring guardian prepared. What are these and do you need them? Read here…