Do I Really Need A Will? (Or Any Other Estate Planning Documents?)

Blog post by Candice Scott

Studies estimate that around 40% of Australians may not have a Will.[1]

During these times of uncertainty, understanding how your assets will be dealt with if you cannot make decisions for yourself, or if you die, is vital to protect your family and loved ones.

We Australians are living longer as a population, and we should all have plans in place allowing someone we trust to step in and look after our affairs in the event that we suffer some kind of illness or incapacity.

The consequences of failing to consider and plan for what happens if you are incapacitated or if you die, can be devastating for families and can create unnecessary stress as well as legal and administrative costs.

We can help you prepare:

• an Enduring Power of Attorney in which you appoint trusted people to look after your legal affairs if you are incapacitated for some reason;
• an Advance Care Directive in which you appoint trusted people to look after your wellbeing and health care if you are incapacitated;
• a Will which deals with your assets and debts if you pass away. A Will is the best way to ensure the people you nominate benefit from your estate. If you don’t have a Will, State legislation applies and your estate might not be distributed in accordance with your wishes.

If your circumstances change you should always review these documents to make sure they are still applicable.

Call Candice Scott from our Adelaide office to discuss whether you need any of these documents in place.

[1] Families and generational asset transfers: Making and challenging wills in contemporary Australia, a joint project between The University of Queensland (UQ), Queensland University of Technology (QUT) and Victoria University (VU), 2015.