>
>
>
10 reasons why you should make a Will

Blog

10 reasons why you should make a Will

Your Will gives your family and loved ones certainty about your intentions. It will save them inconvenience and costs at a time when they are grieving.

Here are ten good reasons why you should make a Will.

1. You decide who benefits from your estate

If you die without leaving a Will, your estate will be divided according to an arbitrary formula set out in the Administration Act. The people you’d like to benefit may not end up with your assets. Contrary to popular belief, your spouse may not get everything!

2. Appoint someone to take care of your children

If you want a specific friend or family member to take care of your children when you die you need to appoint them as guardian in your Will. If you don’t, the Court may choose a guardian for you.

3. Minimise tax​

You can establish a testamentary trust in your Will to reduce the amount of tax that your beneficiaries will pay on the income they receive from your estate.

4. Protect your assets

A well written Will and testamentary trust can protect your inheritance from bankruptcy, spend-thrift beneficiaries, relationship breakdown and from beneficiaries who struggle with gambling, alcohol or drug addiction.

5. Enable your family to carry on your business​

If you are a sole director and shareholder of your company and die without a valid Will, your death may leave your company without any person properly authorised to immediately manage your business.

6. Save your family time, money and added stress

A properly drafted and signed Will will enable your estate to be wound up with minimum hassle and cost.

7. You decide who manages your affairs​

By making a Will, you can appoint a trusted friend, family member or professional to take control of your estate on your death.

8. Prevent unnecessary grief​

A Will gives clear directions to your family and friends, making it easier for them to deal with your assets when you die. This will help avoid unnecessary stress in circumstances where your family are already grieving.

9. Your current Will may be invalid​

Unless your Will specifies otherwise, your Will is revoked when you marry or divorce.

10. Making a Will is easy!​

We exist to help people simplify and solve legal problems. Leave the technical legal work with us, and be satisfied knowing your affairs are in order.

Don’t put it off any longer! Book a consultation today to get started with your estate planning.

    Related posts
    If you have a business, company, family trust or SMSF, estate planning usually includes preparing a written estate plan to help you and your…
    Estate planning is about developing a strategy to ensures that your assets are distributed according to your wishes. A comprehensive estate plan will ensure…
    What are superannuation death benefits? Superannuation death benefits payments consist of the member’s super balance (less any appropriate charges and taxes) plus any life…
    Make an appointment

    Arrange a consultation with one of our friendly and experienced team members.

    Let us contact you

    We will respond to your online enquiry promptly.

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Our plain-English guide Help with the difficult questions so you can stop procrastinating and make your Will has comprehensive and practical guidance to help you get your affairs in order.