This is something that we get asked from time to time; why do I need a Will?
It’s a question that comes up a lot because for many folks, the idea of planning for such a far away event and thinking about what might come next is not only scary, it just feels a little unnecessary. The truth is, no matter where you’re at in life, having a plan in place for your assets and the people you care about is always a good idea. And the sooner you have it sorted out, the sooner you can relax.
What if I don’t have many assets?
For many younger people, making a Will doesn’t seem like it’s a priority because they may not feel like they have many assets to worry about. If you don’t yet own a home for example, you might not feel like your asset pool is worth making any decisions over just yet. However, you could be surprised by just how much you do have to leave behind. For example, every single Australian will have a Superannuation account, and that balance could be a significant asset. Although you’ll need to make additional arrangements with your Super fund to organise your beneficiaries, making a Will can help ensure that your funds are divided in the right way.
Additionally, if you have a car, if you own shares or any other form of investment, or if you have a valuable collection - from handbags to sneakers - these are all potentially smaller but still important assets to consider.
What if I don’t have any dependents?
For people who don’t have a spouse or children, the question might come up -- why do I need a Will, if there aren’t people relying on me in that way?
And that’s fair. But what about the other people in your life? From your close personal friends to your parents, your non-immediate relatives etc., there are still going to be people who matter that you will want to help, protect or show your love to, in the event of your death. Including people in your Will is the right way to do that, even if they aren’t dependent on that help and support.
Alternatively, there is also the option of backing and leaving assets to a charity or a cause that matters to you. That can be a great pathway to making sure your assets are going towards the right things.
What if I’m not concerned about my relatives dividing up my assets?
One last reason people don’t think they need a Will, is that they assume their relatives won’t have any issues sorting out their assets on their own. That’s a nice thought, and we certainly hope it does and could work out that way; but it can’t always be counted on. Family divisions and difficulties can make asset division a nightmare for everyone involved if there isn’t a Will to rely on and refer to, no matter how close and reasonable those relationships might be.
Additionally - even if the asset division did go smoothly without a Will, it could just add emotional strain and stress onto your loved ones at the worst possible time, in a way that will further increase their worry!
Even if you don’t think you need a Will - the chances are, you’ll be in a better position if you write one anyway. You’ll never regret putting it in place!