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.
