Here at Homevisitwills we are concerned that many adult Western Australians do not have a valid Will, potentially leaving families with serious problems if they die.
The Australian Securities and Investments Commission estimates that “nearly half” of people in the country die without a Will while a Real Insurance Family Protection survey from 2017 found that nearly 60 per cent of parents haven’t made a Will.
A survey in Western Australia found that probably half of the WA adult population has a Will, but when people were asked if they died tomorrow whether they would be happy with their estate distributed as set out in their will, they said “no”.
The survey also found that only 19 per cent of families with young children have a Will.
If you have minor children under 18, you might want to be able to say how those children are to be cared for if you do pass away.
In a valid and up to date Will you can appoint guardians for your minor children.
Who needs a will?
Many young people don’t think they need a will as they have few assets, and many people believe that if they die without one their estate will simply go to their partner or nearest relative. Neither assumption is correct.
If you are over 18 and working, you generally have superannuation that comes with a life insurance policy.
Death benefits through superannuation can now be significant, even though many people might think they don’t have a lot of assets to pass on.
If you die without making a Will it might mean that your spouse only gets the first $50,000, and then the rest is shared out among other family members.
There are many examples of hardship and family squabbles where somebody dies without a Will, and there was uncertainty about their wishes.
Changing family structures
Homevisitwills always advises its clients to review their Wills regularly.
Family circumstances can change meaning that appointments such as executors or guardians may need to be amended quickly.
There are also some actions that will make your Will null and void – like getting married or divorced.
If amendments to Wills are not made at the right time, it is possible that subsequent family issues or even court battles over an estate could last for years.
Homevisitwills recommend getting legal advice when preparing a Will to ensure that your family and assets are protected, and provide PEACE OF MIND for you and your loved ones.
If making a Will is something you have been ‘meaning to get round to’ take ACTION today!