REASONS PEOPLE PUT OFF WRITING THEIR WILL

8 Jun

1. People are uncomfortable thinking about death and the end of their life.

Some people choose not to consider their own death. It can be painful to imagine your mortality. Making a Will for your children, especially if they are minors, may be much more difficult. Even though contemplating death and its implications might be difficult and plain sad, doing so can prevent major problems for your family in the future.

It’s actually an act of love to feel the discomfort but do it any way.

2. People may think it’s too expensive to write a Will.

For the majority of people, hiring a lawyer to draft a Will may cost several thousand dollars in other law firms. It's crucial to find a fixed fee will writing service that discloses its fees up front. Also make sure that you know what you are getting. While it is an expense, there are certain advantages.

Getting a Will done can actually save you and your family a lot of money in the long run, it’s like life insurance, except it’s a one-off payment.

A reliable estate planning lawyer at WebWills can give you guidance on how to handle your assets so that you can potentially save money over time. A few hundred dollars spent getting the right planning advice will save thousands trying to fix a mess or poor planning. It’s important not to be penny wise and pound foolish in such an important aspect of life, after all once you pass you cannot fix your mistakes or try to put the right mechanisms in place. It’s just too late then. You will not be in a position to decide how your assets should be split or even the specifics of your funeral.

3. People may think that writing a Will is too complicated and that they don’t know how to do it.

Working with WebWills estate planning lawyer can make the process quick and straightforward. They'll be able to let you know exactly what they need in order to help you make choices and finally draft a Will. That’s why you hire a lawyer, you advise them of the outcome that you want, and a good lawyer has the skills to make that happen, It’s not complicated at all. A Lawyer will guide you through the right questions so that you can apply your mind to the right questions and solutions, without over complicating it.

4. People may think that they don’t have enough assets to justify writing a Will.

You might not believe you own enough to warrant estate planning, but you might be pleasantly surprised. An excellent strategy to manage your tangible and intangible assets is to create an inventory.

I have found that thinking about your estate planning is also an excellent way to think about your life goals. How much money do you want to leave behind for your family. How will you achieve that?

A will can also deal with sentimental assets too.

You are also probably far wealthier than you think. According to a report by Credit Suisse the median wealth in Australian in 2021 was $273,000.

Your Will also directs what should happen to your body, so it is important to get a Will so that you can decide what happens to your body, and your funeral wishes.

Your Will can also deal with your digital assets.

These days, you need to consider more than just your physical assets. You also need to consider what will happen to your "digital assets" once you pass away. You don't actually own the content you (may have) purchased from Apple for hundreds of dollars. Yes, I am aware. Virtual products are owned virtually. You have purchased the right to rent their stuff until your passing. Please don't think that Apple or anybody else will unlock a phone, laptop, or release an account upon proof of a death certificate. They will not. Read more about how to leave a digital legacy here. Not even for the police, save in extremely rare circumstances—let's hope your death is NOT one of them.

5. People may think that they’re too young to write a Will.

In a word, NO. You can create a Will at any age. As soon as you acquire something, you should formally designate in your Will who will receive it upon your passing. Even if you aren't close to retirement age or showing signs of aging, it doesn't imply you have nothing to include in your Will. And, while it's not intended to be ominous, anything can happen.

Without a Will, the law will select who gets to inherit your assets. The fact that the law might not split your possessions as you would have desired can be a bit of a shock to a family. If you don't want it to go to just one person, it's crucial to include anything you think other people would desire and what you want to happen to the remainder.

6. People may be unsure of who should be the executor of their Will.

In the probate procedure, an executor is essential. Before distributing the estate to the beneficiaries, they are in charge of administering it. Among their responsibilities are paying bills, consolidating assets, and managing the entire estate.

We can advise you on the best choice of executor, but you should appoint someone that you trust.

Therefore, the ease of the probate process will depend on who you select to carry out your will and final instructions. The knowledgeable legal lawyers at WebWills can support you during the probate procedure and ensure the care of your loved ones. We have handled probate cases before and can help you at every stage of the procedure.

7. People may be unsure of who should inherit their assets.

Somehow, people seem to fear that if they even consider writing a Will, it will be unlucky, and they will pass away. However, in reality, the majority of us feel better knowing that we have provided for the people and organizations we cherish and care about.

It is also better to make some decision rather than no decision at all, leaving it to a stranger to decide is not what you want.

8. People may have difficulty deciding how to divide their assets among their heirs.

It can be difficult to divide your estate among your children. Do you recall what happened to King Lear from Shakespeare? The height of irresponsibility, though, is having no Will. You have to do the work.

The obvious solution — a fair distribution of assets amongst your children and spouse — is the best option in many circumstances. Giving each child the same inheritance, though, could not make sense in some families. There is a distinction between leaving an equitable inheritance, in which each child receives what is fair given their circumstances, and leaving an equal inheritance, in which each child receives the same amount.

9. People may be concerned about their wishes being challenged after their death.

You will have to deal with a number of legal duties following the death of a loved one. One of the most important ones is the requirement to find the Will and administer the estate in accordance with its instructions. The majority of the time, this procedure is rather simple. Families are rarely particularly surprised by anything in a Will, and it is uncommon for someone who could have fairly expected a bequest to be completely left out.

However, there are instances where family members disagree with a Will's provisions. This may be the case because the Will, in the family's opinion, does not reflect the wishes of the decedent at the time of his or her passing. Regardless of what the rest of the family thinks, it could also be because one family member feels they have received unfair treatment in the Will.

If you feel that your Will could be challenged, please get in touch as we have a number of solutions to reduce the risk.

Discuss with WebWills your odds of successfully challenging the Will as well as any other alternatives.

10. People may not be aware of the importance of having a Will.

The truth is, even while you might not be overly concerned about creating a Will, you should be. More assets than you may be aware of likely exist. It's not just the really wealthy who write Wills. Almost everyone has items they need to be making decisions around in the event they pass away. Your lack of preparation may have a huge negative effect on those close to you. It's unjust to leave loved ones in the dark about your possible desires. You put practically everything in the hands of someone else. If you have children, you will not have a voice in who will take care of them. You need to appoint a guardian for them in your Will. Your loved ones may quarrel over what you might have desired while dealing with their grief if all of this and more happens to you.

Why Do People Avoid Creating a Will?

Consult an estate planning lawyer. WebWills advises to make the process of creating a Will less intimidating. Failure to have a Will in place might have a serious effect on your surviving family members. Not only do you run the risk of giving your family the power to decide for you. You thus forfeit your right to self-determination and your voice in the process. Set up a consultation with WebWills right away to start preparing for your future and the future of your family.

Why Do People Avoid Creating a Will? Mostly for reasons that don’t stack up. Give us a call [(03) 9028 7603] today, we can help make the process easy!

DISCLAIMER

This is commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, or alternatively get in touch with the writer at https://www.webwills.com.au/ before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.

Hazel Todd