Throughout your life, you accumulate a lot of possessions and investments; from cars to houses, share portfolios and perhaps even expensive keepsakes you wish to pass on to your loved ones when your life is finally at an end. However, a large percentage of Australians, especially younger Australians, neglect to formalise these agreements with their significant others, friends and family – which leads to the inevitable arguments and disagreements that come once a loved one has passed away.
Having an up to date Last Will and Testament is incredibly important, especially when it comes to ‘passing on’ (if you were) your material possessions. But what is a will?
A will is a formally agreed upon legal document, cosigned by a lawyer and yourself, which stipulates clearly and without contest how your estate will be distributed once you are gone.
If you do not make your will clear and legally binding, it can be a massive headache to the loved ones you leave behind – your hard earned estate might end up in the hands of long distant relatives, family members who you do not particularly wish to benefit from your estate, or worse – the government!
In fact, 59% of Australians say they already have their will lined up and ready to go – with a further 22% stating they will ‘get around to it’ – but as we all know, life can be unpredictable (https://www.ptg.act.gov.au/images/pdf/having-the-last-word.pdf)
It makes sense, therefore, to have the peace of mind and comfort that – when you do inevitably pass away, your estate is looked after. Call SP Garrett Lawyers today. We can help you sort out your will.
I like that you mentioned how it could be a big headache to the loved ones you left behind if you do not make your will clear and legally binding. I was chatting with my grandfather earlier and it seems he wants to write up a will but is having trouble with it. I don’t think he could make a will on his own so I think he should consult with a professional about it.
I like that you talked about how having an up-to-date last will and testament is incredibly important, especially when it comes to passing on your material possessions. I was watching an educational video about legal matters yesterday and I learned quite a lot about wills. It seems there are firms that focus on dealing with wills and it is best to consult with them when it comes to wills.