“Everyone should have a Will”
That is the old adage that we all hear when any conversation turns towards thoughts of our own death. People nod their heads sagely but somehow or another the task of actually getting a Will drawn up gets put back on the shelf to gather dust.
This complacency is somewhat dangerous because dying without a Will can result in some less than desirable outcomes. These include:
- having your asset allocated under statutory rules which may not distribute the assets to the ones who actually need it;
- not being able to nominate the legal guardian who will look after your children if you die while they are minors; and
- missing out on tax planning opportunities which make it more expensive for your loved ones to be cared for.
“I don’t need a Will because I don’t have any assets”
It is very rare that a person has no assets whatsoever. In fact, you probably have more assets when you die than when you are alive because the money in your superannuation and life insurance comes into play. And even if you don’t have a lot, it makes it more pressing to ensure that what you have is used as effectively as possible.
For example, we once had a client whose husband died without a Will. The house which they owned had a large mortgage on it and her husband had taken out a life insurance policy in his name to clear he debt. Our client in inherited the family home under the rules of survivorship that applies to jointly held property.
However, to her shock, she was only entitled to one-third of the life insurance money because the statutory rules which applied because her husband died without a Will allocated two-thirds of the life insurance to her children. Long story short, the lack of a Will meant that the husband’s life insurance could not be used for its intended purpose leaving his wife burdened by a mortgage that she struggled to repay.
“It’s too hard”
- Making a Will is not always going to be a walk in the park.
- Thinking about your own death and figuring out how you look after your loved ones is not something that you do everyday. There is a lot to think about and a lot of stuff that you won’t know. That is why it makes sense to engage a lawyer to draft your Will.
- At Your LegalHQ, our lawyers are experts in this area and we can help guide you through the planning process so that you can make a fully informed decision about what should happen when you die and what gets put into your Will.
“I can draft my Will myself. I don’t need a lawyer”
Yes, you can. A Will is not legally invalid just because a lawyer did not prepare it for you. However, a Will is still a legal document and needs to be clear and unequivocal in its language and, with a Will, you only get the one shot because you are not going to be around to tell people what you meant. Relying on an expert to get it right will give your loved ones peace of mind.
Moreover, the role of the lawyer is not just to copy-type your instructions into legal language. The lawyer’s true role is to figure out the different options which exist for you and to help you weigh the pros and cons with each so that you can optimise your Will and the benefits to your loved ones. This is what is known as “Estate Planning”.
Estate Planning is crucial when you have business structures because, a lot of the time, you may need other documentation in addition to your Will because your Will may not be able to deal directly with the assets inside these business structures. All of these documents need to be coordinated to line up correctly so that everything is handled consistently. This is particularly important if you have a family business which you wish to pass on to your children. Having a Will without the other documents may mean that the business ends up in the wrong hands.
“But Lawyers Will Just Make My Will Complicated. I want to keep things simple”
All things being equal, the simplest answer is usually the right one. However, in life (and particularly in death) not all things are equal.
The other old adage that comes to mind is “don’t bring a knife to a gun fight”. If your family needs a “gun” Will, having a “knife” Will is only going to hurt them in the end.
Sometimes, the only thing worse than having no Will is having the wrong Will.
“Why should I bother making a Will if it can be challenged?”
This is a common frustration that is shared amongst people who have complex family situations – whether it be the blended family or families which have troubled children. Everyone has seen the stories in the media about family fights over inheritances which erode the confidence in the point of having a Will.
That is only true, though, if you fixate on the Will. Remember, estate planning is about more than just your Will. At Your LegalHQ, we can help you explore the various strategies to “de-emphasize” your Will and help minimise the fall-out that can occur if someone in your family challenges your Will when you die.
“Why should I use Your LegalHQ?”
Unlike a lot of law firms that say they practice in the area of Wills and Estate Planning, the lawyers at Your LegalHQ specialise in Wills and Estate Planning. It is one of our core practice areas, not something that is tacked on because of public expectation. We have over 20 years’ experience in Wills & Estate Planning. We have, through our clients’ eyes, seen the highest of highs and the lowest of lows. That is the experience which you can draw on to help solve any problems and difficulties obstructing your own journey.
One thing that we pride ourselves on, in particular, is the belief that your Will is exactly that – your Will. We believe that preparing your Will starts with listening to you and understanding your objectives. We go through the options with you and help you make a fully informed decision on what you want to do. Once you make that decision, that is the Will that we prepare. We will not tell you what to do. You are in control.
That’s why we urge you to contact us to
assess your situation and make sure every eventuality
is covered. The call us on 08 9445 9200.
Your Next Step?
We have seen once successful, wealthy families crippled.
And we’ve seen the legacy of successful people evaporate.
Not because of the death of an owner, but because they didn’t prepare for it.
For an Estate Planning Review, call us on 08 9445 9200.
Please do not put this important task off.
There are many things you can procrastinate over but this isn’t one of them.
Why? You see, many people will leave it for a few days. And even though they intend to get back to it, a few days turn into a few weeks, and before long they’ve forgotten all about it.
We have seen the devastation ‘putting it off’ causes.
Having seen and experienced the pain and suffering of those left behind I urge you not to delay this important task.
Call our office without delay and rest easy that everything is taken care of.
As we said above, if you have children,
this review is CRITICAL.
Should you and your spouse die together, the issues of who will look after your
children, and how their new guardians can use your estate to fund
their upbringing are not clear cut.
This is one of the issues we will address during your Estate Planning Review.