Why Estate Planning Matters
Creating a will and planning your estate gives you greater financial security and ensures you decide how your assets may be managed and distributed.
For many people, wills and estate planning are something that only comes to mind when unexpected circumstances arise, and usually still as a last measure. Conversations about death and inheritance are usually uncomfortable, and it is easy to treat them as concerns for the distant future. Yet, statistics show that around 60% of Australians still have not created a will for their future. Not creating and holding a valid will can leave you and your families vulnerable, if the unexpected happens.
The Importance of Having Written Wills
Every adult should have a will, particularly once they begin accumulate assets. These assets can be a home, buildings, savings, or inheritances. Major life events, like marriage or the birth of a child, are times to consider making wills.
Without a valid will, your estate will be distributed according to intestacy laws, which differ across Australia’s states and territories. This means that those who die without valid wills:
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Have no control over how their estate is divided or who inherits it
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Cannot nominate guardians for their children or pets
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Miss the opportunity to leave meaningful gifts to loved ones
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Lose the chance to make charitable donations of their choosing
Intestacy and intestacy laws often create additional challenges for families. These complexities can include higher costs, delays, and disputes over estate administration. Without a designated executor, family disputes may arise over who should manage the estate.
Wills should also be kept up to date. Changes such as marriage, separation, divorce, children, property transactions, or shifts in personal priorities may all require a review and update to a will.
Challenges Women Face With Wills
Despite its importance, many women do not have valid wills, or any for that matter. A Canadian study highlighted that just 46% of women had a will, compared to 53% of men. The cost of creating a will is cited as a common concern; women were nearly twice as likely to not prepare wills due to associated legal fees.
Women with annual incomes below $50,000 Canadian often felt their assets were too minimal to justify a will (25% of women answered this) or that legal costs were too high (23% of women answered this). In contrast, only 12% of men reported cost as a barrier.
The Necessity of Estate Planning
A will is a vital component of estate planning, but it’s only one piece of the bigger picture. Estate planning also ensures that individuals have sufficient funds for retirement.
Creating wills and engaging in estate planning can also help protect financial independence and ensure that you decide where your wealth goes after death. Planned estates may also help you establish a family legacy that you may wish to pass on to loved ones, or perhaps to an important cause such as a charity of your choosing.
How We Can Help
At My Legal Crunch Lawyers, we provide guidance and support in wills and estate planning matters across Victoria, New South Wales, Queensland, and Western Australia.
Our wills and estates legal services include:
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Guardianship Matters
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Probate
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Letters of administration
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Life insurance and superannuation matters
Our lawyers understand how complex will writing and estate planning and administration can be. Our experienced team is here to make the process straightforward. Our lawyers can also help protect your interests, and give you and your family peace of mind.
Contact us today at +61 485 872 417, or through our appointment request page to ensure your assets and estates are handled the way you intend.
