Preparing a will is an important step in ensuring that your loved ones are taken care of after you pass away. Unfortunately, many people put off preparing a will for a variety of reasons. In this blog, we will discuss why you shouldn’t put off preparing a will and the consequences of not having one.
One of the main reasons people put off preparing a will is that they believe they are too young to need one. However, it is important to remember that accidents and unexpected illnesses can happen to anyone at any age. By preparing a will, you can ensure that your loved ones will be taken care of, even if something unexpected happens to you.
Another reason people put off preparing a will is that they believe it is expensive. While it is true that lawyers can be expensive, estate planning is one of the most affordable services provided by them. In most cases, they run in the hundreds, rather than thousands of dollars. In comparison, the costs of estate litigation can be exponentially more.
A further reason people put off preparing a will is that they believe it is a difficult and time-consuming process. While it is true that preparing a will does require some thought and planning, it is not as difficult or time-consuming as many people believe. With the help of one of our friendly estate planning lawyers, preparing a will can be a straightforward and manageable process, usually taking less than an hour of your time.
Lastly, it’s not nice to think about mortality and the possible scenarios for estate planning, including the possibility that one’s children might die before their parents. It is something we would rather not think about, and thus it is easy to put it off until later.
It is important to note that despite the existence of these doubts you may have towards estate planning, not having a will can cause many problems for your loved ones.
Without a will, intestacy will decide how to distribute your assets and property, which may not align with your wishes. This can lead to disputes and legal battles among your loved ones. Additionally, if you have children, the State will decide who will take care of them, which may not be the person you would have chosen. There are also a number of practical difficulties that arise from not having a will, including a need to report to the Public Trustee and the authority of an administrator not commencing until a grant of letters of administration is issued (as opposed to date of death for an executor of a will).
Similarly, an out of date will, that does not reflect your current wishes, and addresses your current assets and family circumstances, can have similar issues. This is why we encourage that you review your will following changes of circumstances, relationships and assets. For more information on how our estate planning team at Hume Taylor and Co can assist in updating an outdated will, click here.
Here at Hume Taylor and Co, we stress that preparing a will is an important step in ensuring that your loved ones are taken care of after you pass away. Don’t put it off, as it is not as difficult or time-consuming as you may think. Not having a will can cause many problems for your loved ones and can lead to disputes and legal battles. Take the time to prepare a will today and give yourself and your loved ones peace of mind.
Contact our Adelaide office on (08) 8223 3199, our Millicent office on (08) 8733 2500 or our Whyalla office on (08) 8645 7666 to book an appointment to see one of our firm’s estate planning lawyers today.
This blog was written by Partner Scott Herriman.