Have you thought about what really happens to your assets when you pass away without making a Will? According to research commissioned by Maurice Blackburn Lawyers, more than half of Australians aren’t making Wills and of those, almost 40% don’t know what happens to their assets in the event they pass away without a Will.
Creating a Will is the only way for you to have control over how your assets are taken care of after you pass, no matter how young you are. Many Australians come up with excuses to avoid making a Will. Do any of these sound familiar to you?
I don’t have any valuable assets
The research found that 40% of those without a Will had thought about making a Will, while 30% felt they didn’t have anything of value to declare. Although this may seem fair for young adults, there is a wide range of assets that are often overlooked when considering the need for a Will. This can include things like cars, pets, superannuation and life insurance. Many young Australians don’t think about how superannuation and life insurance are to be dealt with after death but they are often significant amounts to consider.
I’m too young to be making a Will
Of the 1,200 respondents, 28% of people felt they were too young to need a Will and 16% of respondents hadn’t created a Will because they didn’t want to think about dying. We recommend that Australians update their Will after significant life events such as marriage, having children or buying a house. But that doesn’t mean that you can’t create one before you reach these major milestones. Unfortunately, a Will may be needed at any time in an adult’s life and often without warning. It is essential to have a plan in place so that you have confidence, no matter what the future holds.
I can’t afford it
Seeking support from a trusted lawyer will give you peace of mind that everything will be looked after when you pass. One of the biggest misconceptions is that creating a Will is time-consuming and expensive. According to Canstar, on average, a Will cost between $400 and $3,000 depending on the complexity. At APS Wills and Estates, a basic Will costs members just $346.50 for a single or $495 for a couple. Non-members can create a will for $385 as a single or $550 for a couple. It is a small cost to pay for one of life’s most important documents.
Making Wills: there are no excuses
Making a will is an easy and inexpensive process if you have the right people to help you. Even if you are young or without many assets, creating a Will will give you confidence that everything will be taken care of, no matter what. Get in touch with the team at APS Wills & Estates to learn more about creating or updating your Will.