In short, yes – everyone who has any assets should have a will that outlines what will happen to these assets in the event of your passing away. Having a high quality will can help avoid family disputes, can help avoid losing your estate’s value to court costs and will help your friends and family deal with your passing.
Drafting a high quality, comprehensive will can be difficult if you have significant assets. Unless you have a comprehensive knowledge of Australian wills and the legal system, you should consider employing a family lawyer to help you draft your will to make sure that you don’t miss anything important.
Unfortunately, a lot of people don’t believe that they need a will. Even if you’re young and in good health, you could fall victim to an accident at any moment. Everyone needs a will, and here’s why:
If you don’t have a will in place, people may fight over who is entitled to what assets and parts of your estate. However, a high quality will drafted with the assistance of a legal professional will make sure that your estate can be settled fast and efficiently.
If your will clearly states what you’ve left to who, there’s little room for argument. Since wills are legally binding documents, clearly specifying what you want to leave to who will reduce the risk of family breakdowns or fights over your assets.
If you’re young and in good health, you probably don’t have any funeral instructions in place. In fact, you may never have even thought about how you want your funeral to be. Luckily, funeral arrangements can be included in a will, including whether you are to be cremated or buried.
If you have children, a will is even more important. Making sure that your children are cared for after your passing is something that every parent should consider. With the help of a legal professional, you can include care instructions for your children in your will.
Your untimely passing may cause chaos within your business, especially if you ran it alone. Fortunately, you can also include business clauses in your will to make sure that your business continues to be productive and provide for your family in the future.
As you can see, putting together a comprehensive will is a good idea, even if you’re young and in good health. Even the healthiest people can become the victims of circumstance. Contact your local family lawyer and put your will together as soon as possible if you don’t already have one!A Will