5 myths about willsJun 24, 2021
by Elisabeth from Willpro
MYTH #1 : I don't need one (I won't be here anyway!)
While it's true that technically we won't be 'here' when our Will officially kicks in, it's the people we leave behind who are impacted the most by our decision to do (or not do) our Will. Many of us don't realise the emotional and financial toll that dying without a Will ('Intestacy') has for the ones we leave behind. Grief sucks enough already, and doing our Will can make a horrible time just that bit less difficult for our loved ones.
MYTH #2 : I don't have my 💩 together
Never fear! You don’t have to list out your every asset and/or bank account in your Will unless you have specific wishes about who should inherit them. When it comes to your everyday finances, it will all fall under the umbrella of your Residuary Estate when you die. Your Residuary Estate it is the total value of your Estate AFTER distributing any specific gifts or charitable legacies and paying off outstanding debts. This ultimately means that you don't have to update your Will (and spend more money on it) whenever your finances change - which can happen quite a bit!
MYTH #3 : Wills are for ‘old’ people
Once you turn 18 years of age, you have the power to make a Will. Will this rite of passage ever be as exciting as taking your ID to the local Bottle-O on your 18th? Probably not. But you owe it to yourself, and your future self – to get it done.
MYTH #4 : Wills are for ‘rich’ people
Wills are for all adults, not just the rich ones. Even if it’s the most basic document you’ve ever signed and all you have to give away is a fading MacBook and a boujee skincare collection; your Will matters.
MYTH #5 : I only need a Will if I have [insert some perceived milestone/asset here]
The good news here is: life does not come with a blueprint! The only milestone you need to reach in order to do a Will turns 18 - tick! Just as our life is not defined by our financial or relationship status, neither is our after-life (see what we did there). Doing a Will is about having your voice heard. As long as you nominate a reliable person to be in charge of your Estate (i.e. an Executor), you can rest easy (and in peace!) knowing that your legacy is in the right hands.
WillPro is on a mission to help Australians take control of their future by making Wills more affordable and accessible. Our team of lawyers and paralegals personally draft your Will and email it to you within 1 - 2 business days. And the best part? You can do it all without leaving the couch!