Creating a last will and testament can force anyone to make a lot of tough decisions. But the alternatives of not doing so could end up leaving all the tough decisions to your friends and loved ones instead. Looking at some of the latest numbers, as many as 52 per cent of Australians don’t have a will.
If you’re among those Australians without a will, there are many other reasons why you should seriously consider drafting one up. For this process, an Estate Dispute Lawyer can guide you every step of the way. If you pass away without a will, decisions about your estate may end up being decided in court. You won’t have a say at all when it comes to who will receive your assets and property.
Still not convinced about getting a will? Let’s break down 5 of the most important reasons why you should get one as soon as possible. These are reasons any experienced and professional Estate Dispute Lawyers will inform you of.
1. Relieve your loved ones from the time, money, and stress
Many deceased estates end up going to a probate court. Here the legal process of distributing your deceased estate’s assets will be done. Unfortunately, when you don’t have a will this entire distribution process can become very complicated. In this scenario, one of the first things that need to be done in court is naming a personal representative to administer your estate. This process can be very time-consuming, expensive, and stressful for your loved ones.
Ask any Estate Dispute Lawyers and they will tell you one of the main reasons you should get a will is to help speed up and simplify the probate process. By drafting up your own will and testament, you can decide who will be handling your estate. This eliminates a lot of time and stress that would have been dedicated to your loved ones agreeing to or contesting who will be the personal representative.
2. Determine your own executor
One of the best reasons to complete your will is being able to decide who will be the executor of it. An executor is a person who you delegate to be in charge of wrapping up all affairs associated with your will and estate. There are many other responsibilities associated with being an executor. These responsibilities may include closing your bank accounts to liquidate your assets. So when you choose someone to be your executor, make sure it’s someone who is capable. Someone you trust to carry out all the necessary tasks for executing your will.
3. Deciding exactly who gets your assets and property
As you are probably already aware, a will lets you decide who will get your property and assets. You will be able to name beneficiaries for specific assets such as furniture and other family heirlooms. For items that don’t get individually listed, they form part of your estate’s residuary. Your executor will be responsible for distributing any assets in the residuary.
Alternatively, you can also decide who doesn’t receive anything in the will. Common examples of this may be people preventing an ex-spouse from receiving your inheritance. Another common example is one child receiving support for school after the other has previously received support no longer requires anything else. Estate Dispute Lawyers can help you during this selection process to ensure the right candidate for your child’s legal guardian is selected and stated in your will.
4. Making sure your children are looked after
As a parent, concerns about who will look after your child may come to mind. Through your will, you can nominate who will be their legal guardian in the unfortunate case of you passing away while they are still underage. Regardless of what you stipulate in the will, the surviving parent will usually get sole legal custody of your children. The main issue with this comes when both parents pass away.
Whoever you assign as your child’s legal guardian will be responsible for all your child’s needs. These needs will include food, housing arrangements, health care, education and clothing. So consider nominating someone who is capable of providing all of these things for your child. Unfortunately, if you don’t nominate a guardian in your will, the court will have to choose one for you. So if you would prefer to have a loved one who you trust to raise your kids, it’s strongly recommended you nominate them in your will.
5. Lowers the likelihood of family disputes
Unfortunately, it has become very common for family disputes to arise from the way wills are drafted. Family dynamics can be complicated and emotionally charged at the best of times. When you pass away without having a will, your family members and loved ones may be forced to guess what your intentions were for all of your belongings.
Unfortunately, there’s always a strong chance your family members may not all agree with the way your assets are delegated. The ambiguity and confusion surrounding your belongings can be the cause of bitter fights and disagreements. By leaving behind a will, you can help prevent a lot of these problems while getting rid of any guesswork.
Start drafting you will with P&B Law today
Here at P&B Law, we recognise the challenges and confusion that come with drafting a will. Our Estate Dispute Lawyers can guide you through the process of preparing your will. They can answer any questions you may have. Our Estate Dispute Lawyers can also assist you with the application process for the grant of Probate and other matters related to testamentary matters.