Do I need a Will?
Short answer: Yes, absolutely. You really do.
Longer answer: Still yes – but if you need convincing – here are three reasons why:
1. You want to decide what happens to your assets
In South Australia, if you die without a will in place, there are rules about how your assets are distributed. They are:
a. if you are survived by your spouse and children, your spouse will receive the household items, the first $100,000 and 1/2 of the residuary estate and your children will receive the remaining balance of the residue of your estate equally between them;
b. if you are survived only by your children, then your children receive your whole estate equally;
c. if you do not have any spouse, child or grandchild, then your estate is given to your next of kin in the following order:
i. your parents equally, or the survivor of them
ii. your siblings equally, (or their surviving children)
iii. your grandparents equally, or the survivor of them solely
iv. your uncles and aunts equally, (or their surviving children)
2. Cost
It is expensive to die without a will. I was recently speaking to someone who has had two close family members die in the past 12 months. One died with a will, the other without. Dealing with the estate of the person who died without a will has been much more stressful and expensive than the person who died with a will. Your family doesn’t need additional stress and paperwork when you die, let alone additional expenses. Having a Will in place gives people time to grieve without being stressed about dealing with your estate.
3. Appoint a guardian
You want to appoint a guardian to care for your minor children. Don’t leave it to the courts or family members to decide. Give yourself the gift of peace of mind, knowing that your children will be cared for by someone you trust, should anything happen to you. While it may be challenging to consider all the factors, such as values, parenting style, and the potential guardian's existing relationship with your children, it's a choice that can prevent disputes and ensure your children's future is in good hands.
In summary, a Will (and Estate plan) is an essential tool for managing your affairs after death, providing peace of mind for both you and your family.
