As we settle into the new year, it’s natural to reflect on your resolutions and commitments for the months ahead. While fitness goals, career aspirations, or personal development plans often top the list, there’s one resolution that tends to be overlooked but holds great significance—creating a will. While creating a will may sound boring, including it in your list of resolutions is one of the most important things you will do in 2024.
1. A will ensures that your wishes are honoured
Creating a will allows you to outline precisely how your assets and possessions will be distributed once you’re no longer here. Without a will, the fate of your assets might be different from your desires. A will serves as a documented guide, ensuring that your intentions for your estate are articulated and adhered to.
2. A will can help prevent family disputes
A clearly articulated will is a valuable tool in avoiding confusion and potential conflicts among family members and beneficiaries. By explicitly detailing how you want your assets divided, a will minimises the likelihood of disputes or legal battles. Establishing a will provides a sense of reassurance to your loved ones, particularly during the emotionally challenging times associated with end-of-life matters.
3. A will protects your children
For parents with children under the age of 18, creating a will is an opportunity to designate a guardian of your choice to care for them in the event of your passing. Without a will specifying your preferences, the court may make decisions about guardianship that may not align with your wishes. A will is a crucial means of safeguarding your children’s well-being and ensuring they are entrusted to someone you trust.
4. A will allows you to leave a legacy
If you want to leave something for a charitable cause close to your heart, including this in your will is the best way to ensure that your wishes are carried out. This not only provides an avenue for leaving a positive legacy but also allows for a meaningful contribution to a cause that holds personal significance.
Creating a will is not just about planning for the inevitable; it’s about asserting control over how your life’s work and assets will be managed when you are no longer here. It’s a profound gesture of love and responsibility towards your family, providing them with clarity, peace of mind, and the assurance that your intentions will be respected. By taking this proactive step, you are not only securing your own wishes but also contributing to the harmony and well-being of your loved ones.
The best part is that creating a will is usually an easy and inexpensive task. With APS, you can now create your will online in around 30 minutes, or you can work alongside our lawyers to create your will and estate plan.
Written by APS Wills & Estates Principal Lawyer Philip 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!