A Will is a legal document which sets out who will receive your property and possessions when you pass away. Having a valid Will is the only way to ensure that your assets get distributed the way you want them too. As one of the trusted law firms Melbourne families rely on for comprehensive legal advice, the team at Robert Wood and Associates specialise in Wills and probate and all matters related to estate law. There’s many misconceptions about Wills, and alarmingly, many people believe the misinformation they hear and don’t have a valid Will in place. Here we will dispel some of most common myths about Wills you may have heard or seen online.
Myth: Only Older People Need a Will
Unfortunately, we cannot choose when we would like to pass away. Whether you are 18 or 80, it’s likely that you may have an estate of some value, so it’s important to have a plan in place for how you would like it distributed. It’s incredibly important for younger people, especially those with children to have a valid Will. In the event of your death, a Will appoints guardians of the children (actual care and custody) and guardians of the estate of minor children and set up trusts to hold and administer any assets they inherit until such age that they are old enough to manage them on their own. Without this, a court-administered guardianship will be opened, and they will determine who serves in these roles. You will have no say in which of person is appointed guardian of your children or their estates if you fail to make a Will.
Myth: I Don’t Need to Update My Will
A Will should be reviewed and updated regularly; every 3-5 years is recommended or upon a life-changing event. Our lives are constantly changing, and it is vital that our Will reflects these changes.
Events that may require you to update your Will include:
- Marriage
- Separation or divorce
- The birth or adoption of children and grandchildren
- The passing of a family member or someone else named in your Will
- Purchase of property
- Starting a business
- Retirement
If you do not update your Will, it can easily become invalid which can lead to a whole host of issues for your family and loved ones.
Myth: If I Die My Spouse Will Get Everything Anyway
It is a very common belief that once you are married, your estate goes to your spouse automatically. This is not completely true. If you die without a Will, you are what’s known as ‘intestate’ and as a result the law has its own formula for distributing your assets. Typically, this does mean that they will go to your spouse and children (if applicable), but it could also mean that it goes to your ex-spouse, or even your parents. Preparing a Will is the only way to ensure your estate is distributed the way you would like.
Myth: I Can’t Afford to Make a Will
Many people put off making a Will because they think it is an expensive process. However, preparing a Will is not as expensive as you may think. You should also think of it as an investment that gives you the peace of mind of knowing that your estate will be distributed as you wish, and not be governed by the formula set out the by court.
At Robert Wood and Associates, we strive to make legal services readily accessible, so we aim to offer highly competitive pricing. Our team will discuss costs with you before your consultation, so you know exactly what you are up for, with a guarantee of no hidden fees.
Myth: Preparing A Will Is Too Complicated
In most cases, preparing Will is fairly straightforward and doesn’t take long to do. Most law firms will have you fill out questionnaires or forms so that they have all the information needed to prepare your Will. There may be some difficult decisions you need to make about who gets what, and who you appoint as executor of your estate, but an experienced legal professional will be able to help guide you along the way. Usually, one or two short visits with a lawyer are all that are needed to plan and execute a Will, so stop procrastinating and make an appointment today.
Looking for Wills & Probate Lawyers or Property Settlement Lawyers? We Can Help
Preparing a Will is a smart, logical, and easy thing to do. Don’t be fooled into thinking that you don’t need one, anyone who has been through settling an estate for a loved one with the absence of a valid Will can attest to how much easier it would’ve been if there was one in place. Reach out to our team today to make an appointment by calling 03 9762 3877.
