Dear Aunt Sue,
I am 28 years old, and a friend of mine’s father died without a will recently – my friend is really stressed out about it. Why?
Noelene, Foster
Hello Noelene,
Why is having a will is so important? Because dying without one can cause your loved ones a lot of grief. If you die without a valid will in Australia the law decides who gets your assets. This is called ‘dying intestate’. These rules apply to everyone and do not take into account an individual’s wishes or situation.
A lot of Australians know how important it is to have a Will, but only about half of them actually have one. Maybe you have been putting it off for a while because life is so busy, or maybe you get uncomfortable or upset at the thought of your own death. Of course, it’s hard to think about writing a Will without considering your own morality, but not writing one won’t make death stop in its tracks.
Every adult with tangible assets should have a valid and updated Will. It doesn’t matter how old you are, if you own anything of worth then you should be prepared. This is especially important if you are contemplating or have recently become a parent. Nobody thinks about death at the age of 23 but if you have a child in the picture then you should definitely start thinking about your Will. If you want a say in who becomes the legal guardian of your children after you pass away, then you must write up a Will and state your wishes.
Even adults without children can benefit greatly from having a Will. You’ve spent your whole life studying, working, and scraping by to earn everything that you have – your car, the money in the bank, and your home! Why shouldn’t you have a say in how these assets should be distributed when you die? If you die, and don’t have a valid Will then all of your wishes you made while alive will be irrelevant – the state will take control of your assets and decide how it will be distributed. Maybe you have some jewellery that you wanted to gift to your dearest friend, or you have a collection of rare antiques that you want to protect. Without a will – all of this could be sold at an auction and the money could go to the government. If you want your wishes to be respected after your death, then you need to have a valid Will.
Once you have written up your Will, you also have to continue to keep it updated. You have another baby? Write them into the Will. Even if there is a reason you may not want to give your child anything, by not stating this wish they (or their legal guardians) may have the right to contest your will. In order to make sure your will is always up to date you should review your Will after any of the following life events happen:
– You have a change in your marital status
– You start living with your partner
– If your assets (money in the bank, investments, properties, items you own, etc.) change dramatically
– You move to a new state or country (there are some countries and states that won’t recognise a Will that wasn’t written there)
– The person you intended to give most of your assets to in your Will passes away or suddenly is in a circumstance where they lose their ability to act freely on their own accord
– There is a birth or adoption of a child in your family – whether it by your siblings or your own children
– You have changed your mind about something significant in your will. For example, one of your children has suddenly come into a lot of money, so splitting your assets evenly amongst your children might not be ideal anymore
When it is, all said, and done Noelene– it is in your best interests to have a valid and updated Will, regardless of your age and circumstances. By writing a Will, you can rest easy knowing that your assets will be handled the way you want after you die.
So until next time girls and boys, as always keep those questions coming in by visiting our Contact Us page.
And finally, a quote from Woody Allan – funny man – “There are worse things in life than death – have you ever spent an evening with an insurance salesman?”
Have fun and keep smiling – Aunt Sue
