1. If I die everything will automatically be given to my husband/wife or partner.
2. I don’t have any assets so I don’t need to make a Will.
3. I can just write my own Will using a kit or a note about what I want to happen.
4. I won’t be around, so I don’t need to think about it.
5. I made my Will years ago so I don’t need to update it now.
1. If I die everything will automatically be given to my husband/wife or partner.
This is not always the case. If you die without a Will you are found to be Intestate. The South Australian intestacy laws have a formula for the distribution of assets from deceased estates where people have died without a valid Will under the Administration and Probate Act, which distribution is then subject to the Inheritance Family Provisions Act. This distribution can include children, as well as spouses.
2. I don’t have any assets so I don’t need to make a Will.
Even if you think your estate is not worth a lot, it is still important you make a Will.
Your estate might be worth more than you think
Most people have personal possessions and superannuation. The superannuation may form part of their estate and by law this requires distribution. In addition, when people die accidentally there may be substantial sums of money from insurance payouts that form part of their estate.
Everyone over the age of 18 needs a valid Will outlining how they would like their estate to be distributed.
3. I can just write my own Will using a kit or a note about what I want to happen.
If you are using a ‘Do It Yourself’ Will kit you need to prepare your Will accurately and have it witnessed correctly. If the Will is not prepared correctly this may result in the Will being challenged in court due to lack of certainty about your wishes.
It should be noted that while leaving behind a note or homemade Will might outline what you would prefer to happen, this type of document may not be legally recognised.
Furthermore, the costs associated in proving that the document is your last Will, will be a great expense upon the estate.
4. I won’t be around, so I don’t need to think about it.
By taking time to make a Will, you can save your next of kin uncertainty and stress. You will also save on the extra legal costs that can potentially be involved to finalise an estate where a person has died without a Will.
5. I made my Will years ago so I don’t need to update it now.
Life events such as divorce, birth of a child, marriage, entering a defacto relationship, death of a spouse or partner, or death of beneficiary, will all impact your Will.
A Will should be a part of your life’s journey, it needs updating as your life changes.
At Welden & Coluccio Lawyers we have the expertise and knowledge to prepare professionally drafted Will, following an in depth consultation with an experienced and qualified lawyer.
