Four reasons why you shouldn't put off creating your will

You may have noticed that in our messaging and connection with our community at HHEP we don’t spend too much time creating urgency and trying to convince you why you need a will sooner rather then later.

Our view is that at any time there will always be enough clients who have already put it off for years, and by the time they reach out to us are in fact very ready to tick this off their to-do list and don’t need any urgency or persuasion.  These are our favourite clients as they are generally the easiest to work with and the happiest when we complete our work together.

But that’s not to say that we shouldn’t also turn our attention to helping those of you who might feel like it’s something you can get to “one day”.  So, in today’s article we are turning our attention in your direction!

Many people feel that creating a will is something they can put off until later in life, but the truth is that creating a will is important no matter your age or current stage of life. While the task may feel daunting or uncomfortable, the consequences of not having a will can be serious, costly and far-reaching.

Here are a few reasons why you shouldn't put off creating your will (and broader estate planning):

Protect Your Loved Ones: A will ensures that your assets are distributed according to your wishes after you pass away. Without a will, your property may be distributed according to state law, which may not align with your wishes. By creating a will you will avoid what is known as “intestacy” which is where someone dies without a will.  Dying intestate means people lose control over who will benefit from the inheritance they will leave, but unnecessary cost and time delay are often associated with intestate estates.  Having a will ensures the right people will have access to the financial cushion you will leave them much sooner.  It also avoids the court imposing conditions that may be hard for your loves ones to comply with, such as surety guarantees.  We will talk more about that in another blog soon.

Avoid Family Disputes: Without a clear will in place, family members may dispute who should receive your assets or how they should be distributed. This can cause unnecessary stress and strain on your loved ones during an already difficult time. By creating a will, you can minimize the likelihood of family disputes and ensure that your assets are distributed fairly and in accordance with your wishes.  If you would like to go even further, we recommend asking us about the collaborative estate planning approach that we are trained in whereby we clients may wish to seek the input of family members who will be impacted by their estate planning to understand their expectations and pain points at the planning stage rather then after death. 

Working with collaboratively trained psychologists we can help you organise and conduct meaningful family meetings with the hope to create an estate planning strategy that meets the needs and expectations of everyone, creates a transparent plan, and preserves family relationships.

Plan for the Future: Creating a will allows you to plan for the future and ensure that your wishes are carried out. You can specify who should receive step into your shoes and manage your responsibilities once you have died (your executor), who will receive your assets, how they should be distributed (including gifting in a way that will ensure the inheritance you leave won’t be wasted), and any other important details such as guardianship of your children, passing control of your business, or care for your pets.  Your future plans and will should be as unique as your circumstances are, so invest in an estate planning solution where an expert lawyer will help guide you through all of the strategy options.

The great thing about identifying your future wishes and best case scenario for your loved ones is that it gives you a chance to identify changes you may like to make now if your current assets and circumstances mean your future plan is unrealistic.  For example, you want to leave your partner or spouse mortgage free, but don’t have the current net wealth to do that on your death so future planning by doing your will may help you identify this and obtain life insurance earlier (at a much better premium and with less exclusions) then if you leave this until much later in life.

Legacy of Love: Perhaps most importantly, creating a will can provide you and the people you love with peace of mind.  Knowing that you have taken the necessary steps to protect your loved ones and ensure that your wishes are carried out can bring a sense of comfort and security.  It will be one of your final acts of love, and leave them with a legacy that will outlive you.

Most importantly imagine the sadness and enormous change to the lives of the people you love when you die, and ask yourself in honesty if you could have done more in your lifetime to make those initial few years after loss and in grief easier?  If your answer is “yes” then ask yourself why you aren’t doing more and will your partner and family be asking the same question when you are gone.  A will is a very fundamental start, it is a legal document with real legacy and loving implications.

In conclusion, creating a will and an estate plan is an important step that everyone should take once they reach adulthood, regardless of age or stage of life. By doing so, you can protect your loved ones, avoid family disputes, plan for the future, gain peace of mind, and leave a legacy of love.

Don't put off this important task any longer – if you’re in Victoria, NSW or QLD and would like to learn more about how to work with me book a free call using this link: https://calendly.com/percylegalestateplanningconference/15min