45% of the Australian adult population do not have a Will!*
With NO WILL the government can take up to 5.5% of the gross value of your assets!**
Why let this happen?
Take control of your life and protect your loved ones – it’s your life!
Why? The importance of creating a Will
A legally binding Will can protect your assets and save your family enormous heartache and detrimental longer-term financial implications that you hadn’t even thought of. Most importantly, having a Will ensures that your wishes are carried out and possessions distributed as you see fit. It will provide you with peace of mind at what is an immense time of mourning for your loved ones.
It’s a universal fact that most of us do not like to think about our impending death. We believe this to be one of the main contributing factors as to why at least 45% of the Australian population does not have a valid Will. Not only this, but additional factors and emotions that also may prohibit people from doing their Will may include:
- Where do I start? The Process is too hard and overwhelming.
- Do I need to see a lawyer? How much is this going to cost me?
- I don’t have time this week, I’ll get to it next week.
- I don’t have the money now.
- I don’t need a Will, my estate is too small.
- I am not going to die anytime soon, I’ll put it on the back burner for now.
The facts
It is a startling fact that the State Trustees can charge a fee of 5.5%, (in some instances more or less) of the gross value of assets of your Estate. Meaning, your property gets distributed as per the laws of the relevant State or Territory and not by your choice.
It is the best way of ensuring that the people, charity, organisation or club you care about most inherit the benefits of your Estate.
If you die in interstate, which is dying without a Will your family will have to manage this process with the appropriate State Trustee at a cost.
To Avoid Family Disputes
By not having a valid Will, you leave your family open to fight over your Estate. Everyone has a horrific and confronting family Will story, or at least may have heard of one. These disputes may result in the break-up and or divide your family. A specific division of assets will ensure that the influential members of the family will not win over the meek and vulnerable members.
Appointing an Executor
Please note that the ‘Executor of Estate’ should be someone that you expect will outlive you, is trusted by you, is of sound body and mind, 18+ years of age and has been advised by you and accepted that will be your Executor.
Guardianship
Typically, this clause is used when children under the age of 18 years of age lose both their mother and father. Provision for guardianship is back up for the testator or testatrix who wants to make a provision for children that do not have a parent alive. For anything more complex than this we recommend you see a lawyer.
Pets
Just like our children, pets are our responsibility. Including them in your Will ensures continued care and a loving home for your pet. You can do this by adding a carer for your pet at Step 6 within our Will Software Solution.
Same sex relationships
Now legally recognised in Australia, having a Will also ensures that your rights and intentions are followed to the letter.
What next?
Secure the future of your loved ones today and make the time to do your Will by following the 9 simple steps and clicking on Start Your Will.
Your Wills offers a solution that is accessible anytime, anywhere, because the freedom to do it your way is an investment.
* https://www.allianz.com.au/life-insurance/news/importance-of-a-will.
**If you don’t have an agreed “Executor of your Estate”, the State Trustee is able to charge a fee of up to 5.5% of the gross value of assets of the Estate. Check your relevant State Trustee fee schedule if you don’t appoint an Executor.
