Why is it a good idea to have a Will prepared?

Do you need a Will? The simple answer to this question is “yes, if you have assets”. Almost everyone owns property of some kind or another, so almost everyone will need a Will. If you are wondering “when do I need a Will?” or “what age do people get a Will?” then chances are you already need one. Preparing a Will ensures that your property and assets will be distributed in the manner of your choosing and you will likely make the process a lot easier for your loved ones.

A person’s assets need not be substantial for it to make sense for them to need a Will. Disputes over assets, even assets of little financial worth, are common. Such disputes can be costly to an estate if the courts become involved (as the costs may be borne by the estate that is the subject of the dispute), but perhaps more importantly they can lead to a break down in inter-family relationships.

What happens if you do not have a Will? Why not just leave it to the family to sort out after I have died?

If you pass away without having prepared a Will, then your property and assets will be distributed according to the laws of intestacy. This means that your assets may not go to the people that you want them to.

For example, most spousal couples choose to leave everything to their partner and then the last surviving partner will leave the assets to any children you and your partner have. However, if you pass away without a Will, your partner may not receive your entire estate. Under the laws of intestacy, your partner will receive the first $100,000 of your estate and one-third of everything after that. The rest of the estate is then distributed to your children.

Not only that, but you will have no control over who gets specific items. You may have sentimental belongings that you want that you want to leave to particular people after you pass away. Having a written Will is the only way to guarantee that people will receive the items you want them to.

Where a person dies intestate, not only does the law determine who gets the estate, but a procedure has to be followed to obtain “Letters of Administration” from the Supreme Court Probate Registry. A detailed statement has to be provided to Public Trustee at the end of the estate distribution. This is more complicated and expensive that an ordinary application for “probate” (Court approval) of a valid Will.

Why not use a Do-It-Yourself "Will Kit"?

A “Will kit” assumes your circumstances are simple and this is not true for many people – second marriages and children from different relationships are a common example. If the technical requirements for completion of the Will are not correctly followed, a Court application will be required, and this is likely to cost thousands of dollars. Any mistakes you make will not become apparent until after you pass away, and the cost of fixing them will be much higher than getting it right in the first place. A lawyer’s advice when preparing your Will can also reduce the risk of inheritance disputes which are very costly.

If you would like to prepare a Will, Straits Lawyers are now offering an online package for Advance Care Directives and Wills. Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13

Please note that this article does not constitute legal advice.