Regularly when we meet with people and ask whether they have a Will, the response is “I don’t really own anything so I don’t need a Will”. This is not the case.
Differences between estates with and without Wills
Regardless of the size of your estate, Wills prevent a number of hassles and problems from occurring when your possessions have to be distributed. For example, in the absence of a Will there are legislative provisions that outline how your assets are to be divided. Further, a Will allows you to determine who you wish to appoint as your Executor (i.e. the person responsible for administering your estate). Without a Will there are rules regarding priorities for individuals able to apply to be appointed in that role.
Additional issues in matters without a Will include the involvement of the Public Trustee who oversees the estate administration to ensure that the distribution occurs in accordance with the relevant legislation and within a reasonable timeframe. This can cause additional costs in the administration of your estate.
What if I don’t have any major assets?
First, just because you don’t have assets at the time you create a Will does not mean that you will not obtain further assets in the future. This is particularly important because it is very common for people to completely forget to update their Wills later in life (although it is best to ensure it is updated following any changes). A well drafted simple Will should deal with increased wealth following the execution of a Will, however this is dependent on the particular circumstances.
Additionally, people also regularly forget that Superannuation is a significant asset. Your superannuation may not necessarily fall into your estate for distribution, however there certainly are circumstances where it does fall within the estate and therefore must be properly dealt with in a Will. .
Wills are complex issues and it is highly recommended that you seek advice concerning your circumstances, no matter how modest you may consider them.
Contact Us
Call us on 8523 8400 (Gawler) or 8211 6500 (Adelaide) to arrange an appointment for an initial no obligation consultation. Alternatively, send an email to legal@rudalls.com.au and we will contact you.