Griffiths McDonald Carson Lawyers believe it is essential to have a will as you get older.
The benefits of doing a will
Having a Will is a crucial step in ensuring that assets are distributed according to the wishes of the client and providing peace of mind for you and your loved ones. Despite its importance, many people delay or avoid drafting a Will, often due to a reluctance to confront their mortality.
However, the advantages of having a Will far outweigh any discomfort associated with the process.
Control over asset distribution
One of the primary benefits of having a Will is the control it provides over the distribution of your assets.
Without a Will, your estate will be distributed according to the intestacy laws of Queensland, which may not align with your personal wishes.
Guardianship of young children
For parents of young children, a Will is essential for appointing a guardian to care for your children in the event of your death.
Without a Will, the Court will decide who will take care of your children, which may not align with your preferences.
Minimising family disputes
A well-drafted Will can help minimise disputes among family members by clearly outlining your wishes and reducing ambiguity.
Family conflicts over inheritance can be emotionally and financially draining, often leading to long-lasting rifts.
Obtaining professional advice when providing Will instructions and accurately documenting your reasons behind your wishes, offers the best defence to a potential claim against your Estate.
Tax Benefits
In some cases, having a Will can provide tax benefits for your Estate and beneficiaries.
A Will allows you to plan your Estate in a way that minimises tax liabilities, ensuring that more of your assets are passed on to your loved ones.
This can be particularly important for larger Estates, where tax planning can significantly impact the amount of inheritance received by your beneficiaries.
Why not a will kit or online will
Will kits or online Will platforms may seem convenient and cost effective, but they often lack the precision required for a valid Will or the expertise to accurately document and protect your wishes.
Errors or omissions can lead to disputes, invalidation of the Will or unintended distributions.
A costly dispute will far outweigh the cost of a properly drafted Will. It is a small investment of time and effort now that can provide significant peace of mind and security for you and your family later.
Peace of mind
Having a Will provides peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. This peace of mind extends to your family and friends, who will have clear guidance on your intentions and be spared the stress and uncertainty of managing your Estate without a Will.
