When considering the future and the inevitable matter of one's own passing, the importance of making a will cannot be understated. Not only does it ensure that your assets are distributed according to your wishes, but it also alleviates potential disputes amongst loved ones. In this digital age, the process of creating a will has been simplified, with online platforms offering easy and accessible ways to secure your legacy. Let's delve into why making a will is a critical step in managing your affairs.
Reasons to create a will
Control over asset distribution
Without a will, your estate will be divided according to the rules of intestacy, which may not align with your personal wishes. By making a will, you have the power to decide exactly how your assets, including property, savings, and personal items, are distributed among family, friends, and charities.
Without a will, you are considered to have died ‘intestate’. If you die intestate and you have no living relatives under the intestacy rules, then your estate can potentially fall to the government to decide how your assets are distributed. A will enables you to plan for various future scenarios, to avoid your assets falling to the government or to family members that you wouldn’t have left assets to otherwise.
Protection for your loved ones
Creating a will is a way to safeguard the future of your family and loved ones. It can set out guardianship wishes for minor children and ensure that they are provided for financially. This peace of mind is invaluable, knowing that your loved ones will be taken care of in your absence.
Minimising inheritance tax
With careful planning and advice, a will can help minimise the inheritance tax burden on your estate. This means more of your assets can be passed on to your beneficiaries rather than to the taxman.
Responsibly manage your affairs
There are many life events that a majority of people go through which make having a will even more important. Buying a property, getting married, separated or divorced or event taking a substantial holiday abroad are all key milestones in which many people see the need to create a will.
Blended families
It is extremely important to have a will if any of the following applies to you;
- You are in a de facto relationship;
- You have children from a previous marriage or relationship;
- You have separated from a partner, but you have not legally divorced or finalised the property separation;
- You have step children or a partner with children from a previous relationship.
The risks to your estate for potential claims is higher in situations such as those above. For example, if you have separated from a spouse, but not legally divorced, your ex-partner may be entitled to your estate in full under the intestacy rules when you pass.
How online wills platforms can help
In the past, creating a will might have seemed a daunting task requiring solicitors and a considerable amount of time and money. Today, online wills platforms have revolutionised this process, making it more accessible and straightforward than ever before. These platforms guide you through each step, ensuring that your will is legally compliant and reflects your wishes accurately. Not to mention, the convenience of creating a will from the comfort of your own home cannot be overstated.
Online wills - done properly
Robinson Gill’s online wills platform offers comprehensive support, privacy and security. With a tried and trusted team behind the platform, it’s simple to update your will as circumstances change, ensuring that your document remains relevant and reflective of your current wishes.
Complete the process at your own pace and from any location, and rest assured knowing that the team behind your new will are devoted to helping people with the issues that matter to them
Secure your peace of mind and the future of your loved ones by making a will today.
How can I learn more?
Kelly Brown.
Associate.
- Property and Wills & Estates
- 03 9890 3321
- Email Address: k.brown@robinsongill.com.au
Kelly is a lawyer in the property, wills and estates team at Robinson Gill. She specialises in a range of commercial and residential property, estate planning and administration matters.
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