Your Will

Writing a Will: Waste of Money or Waste of Opportunity?

Tindall Gask Bentley Wills and Estates Lawyer Belal Moraby writes about the importance of a Will.

TGB’s Belal Moraby writes about the importance of a Will.

Current studies show that 45% of Australians do not have a valid will.

– We spend hundreds, sometimes thousands of dollars, on servicing our motor vehicles.

– We retain accountants to prepare our tax returns and agents to secure mortgages for our homes.

– Many of us often cringe at the idea of spending a few hundred dollars on a lawyer to draft a will.

– Why retain a lawyer when you can buy a DIY will kit for $29.95?

Some of us simply put it off until later..

Sadly in Australia there is no requirement to make a will.

– If you do not have a will on your death the law will decide how your estate is divided.

That doesn’t sound that bad does it?

– Well, assuming you die ‘intestate’ (ie. leaving no will) your property will likely be distributed to your nearest relatives.

– It could be paid to relatives that you have little or no contact with.

– It is likely to cause considerable expense and unnecessary delay in finalising your estate.

– In fact some or all of your assets could be frozen for months before your beneficiaries receive their share.

– Your beneficiaries will have no idea as to who you want to care for your children, or how you wish your remains to be dealt with.

Getting a lawyer to draft your will ensures that your will is legal and may reduce the likelihood of it being challenged by someone.

– A lawyer will ensure that the will is worded in clear, unambiguous language and meets the formal requirements.

– A lawyer will often consider the broader context of your general affairs and provide advice about superannuation issues and tax consequences of your gifts to beneficiaries.

– A small monetary outlay now can avoid a myriad of problems and expense later.

So don’t wait till it’s too late! Start writing a Will online here.

For further information or assistance with your legal matter contact your nearest TGB office.

On August 1, 2017, the Relationships Register commenced in South Australia, giving greater legal recognition to LGBTQI and de facto relationships. To find out how the Register impacts your will click here.

Belal Moraby is also able to provide comprehensive advice on Islamic Wills.