Five reasons not to make a Will
- By Paul Sullivan
By the time a client comes to us to make or update their Will, chances are they have already made their mind up. That said, over the years we’ve have heard many excuses as to why you mightn’t bother.
The most popular include:
1. I’m not old enough
Ok. I’m sorry to break it to you, but you are going to die. It is a fact of life. Your age may not be a factor. You need to make a Will to ensure your wishes are carried out when you are gone.
2. I’ve nothing to leave
Really? Most people will accumulate at least some personal possessions, be it a bank account, a car or a retro record collection. Without a Will, who will decide who gets what? More importantly, if you have a young family, your Will can nominate guardians to make sure they are looked after.
3. I’ve no one to leave it to
Have you ever watched an episode of Heir Hunters? Would you prefer your estate to go to the Government? How about some third cousin twice removed in Australia you have never even heard of? If you don’t have a close family, you may well have close friends. What about that charity close to your heart?
4. Sure, it will all go to my 'wife' anyhow
Not necessarily! If your estate is distributed under intestacy rules, a portion may go to your children instead. This may be fine with them, but any stepchildren would be excluded. Of course, this assumes you have children. If you don’t, or if they don’t survive you, what will happen to your assets?
5. I’m too busy
It may not be exciting, but that doesn’t mean it isn’t important. You can always make time! In the current climate of uncertainty, we have had several clients get in touch this week to discuss how to make or update their Wills without even the need for face-to-face meetings.
Of course, if you do want to make a Will, this is something we can always help you with…
For more information about this article, or any other aspect of succession planning, get in touch.