Let’s face it, creating your will and estate plan isn’t an exciting project.
Death and finances are two issues that can be difficult to have to think about. However, death and taxes are unfortunately two of the certainties of life, and creating a will is the only way for you to have control over how your assets are taken care of after you pass away.
Many Australians procrastinate by putting off their will and coming up with excuses to avoid thinking about the inevitable. Do any of these sound familiar to you?
It is too complicated
If you don’t know much about wills and estate planning, it can be a confronting topic. It may seem complicated and overwhelming if you are unfamiliar with the process. However, if you have a simple set-up, and the right support, creating a will can be a very straightforward process.
It is an uncomfortable conversation
Thinking about your death and what will unfold after your passing, isn’t something that anyone wants to be doing. It is more often than not going to make you feel uncomfortable, especially if you are creating a will for the first time.
There are many things in life that we don’t want to face, but it is often the hardest tasks that have the most significant consequences. Think about creating your will like going to the dentist. You don’t want to be there and you continue to avoid it, but you know that you will walk away feeling confident knowing you have done the right thing (and getting your will done does not actually hurt!).
It isn’t the right time
It is never too early to create a will. 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.
One of the biggest misconceptions is that creating a will is time-consuming and expensive. 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 and it shouldn’t need to be updated too regularly.
Stop procrastinating when it comes to your will
Making a will can be 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 can 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.
*written by APS Wills & Estates Principal Lawyer Phillip Lambourne
Phil is a lawyer with over 35 years of experience in private practice and over 25 years of experience in the trusts and estate planning area. As Principal Lawyer with APS Wills & Estates, Phil provides advice and prepares documentation in the areas of Wills, Powers of Attorney, Probate and Estate Administration for clients across Australia. He also provides clients with conveyancing and property law, commercial law and state tax advice services.
When Phil isn’t working, he enjoys spending time with family, reading new books, and watching new shows with some good scotch whisky, red wine and cheese. Phil also enjoys playing trombone in the Melbourne Lawyers Big Band (back playing again later this year at last)!