Why a Will…Peace of Mind!

While it’s said that most retirees like to SKI – Spending the Kids Inheritance, the real fact is that you might actually pass away before that last dollar is spent.  And if that happens, what’s going to happen with that dollar of yours?

Most of us would hope that it goes to our loved ones but sometimes the reality is that it goes towards unnecessary legal costs or is even given to family and friends that it shouldn’t have. That’s why you need a Will.

While we all know we should have a Will, about 45% of us don’t have one and those that do might actually be surprised to find that their Will doesn’t meet current legal requirements, effectively making it void.  Did you know that if you die without a valid Will, then your assets are distributed according to a legal formula and doesn’t give you any control over who does the distribution?

This might mean that the money you have saved up in your bank account for that big round the world holiday, that you didn’t quite get to enjoy before you kicked the bucket, could be going somewhere you don’t want.  Like being used for legal costs then distributed to your estranged (horrible, jail frequenting) brother, or your unknown sister from a polygamous father, or even possibly an ex-partner if you’re not careful.

Having a valid Will in place makes sure that what you’ve got, goes to who you want, when you know what happens.  But a Will should form part of your overall estate plan, because there are other things to consider, like your superannuation assets.  Did you know that if you have a Binding Nomination on your super, it doesn’t pass through your Estate/Will?  Or you can have a Power of Attorney while you’re still alive?

So why haven’t you got a Will?  Yeah it might cost a bit but it will cost a lot more if your friends or family have to fight an estate claim from people that shouldn’t have got what they got.  And if you’ve got one, when did you review it last?  If hammer pants were in when your Will was drawn up, it may be time for a review!  While your personal circumstances or your wishes may not have changed, legislation around estate planning and Wills may have.

A Will can give you great peace of mind knowing that things will be taken care of how you want but more importantly, it puts your loved one at ease that everything is set up correctly so they can get on with their grieving (and I’m sure not partying) when you’re gone.

You can get a simple Will kit at the post office but really you should see a solicitor to get one done properly.  Contact the team at JBS and we’ll be happy to provide a referral for you and help facilitate the process.