Don’t Leave Your Loved Ones at a Disadvantage: The Importance of Having a Legal Will
Written by Adam Mitchell
The Surprising Statistics: Where Most Australians Stand
Are you one of the 50% of Australians do not have a legal will in place? While it may be comforting to know you’re not alone, being part of the majority in this case doesn’t make it right. In fact, it can leave your survivors severely disadvantaged.
The Perils of an Outdated or Non-Existent Will
One of the biggest risks of not having a will is that your assets may not be distributed according to your wishes. For instance, if you had a will from your previous marriage but failed to update it after remarrying, the entire will could be automatically revoked. Imagine the unintended consequences this could have!
Even if you’re separated but not divorced, your estate could potentially go to your ex-spouse, leaving your current partner or children without the resources they need.
Tax Implications: Don’t Let the Taxman Inherit More Than Necessary
Tax considerations are another crucial factor. Failing to take advantage of legal opportunities could mean that the taxman benefits more than your loved ones.
The Emotional and Legal Toll of Neglecting a Will
By neglecting to create a will, you’re also burdening your next of kin with unnecessary responsibility. They would have to prove their status as your next of kin precisely when they are least emotionally equipped to handle legal and financial matters. Additionally, the lack of a will opens the door to potential legal disputes over your estate.
Proactive Measures: Act Now to Secure a Brighter Future
We understand that it’s easy to procrastinate when it comes to wills, as we tend to believe we’ll live forever. But why wait for a disaster to strike when you can avoid such a scenario by taking action now?
