Do you need a Will?
Every Australian adult needs a Will.
Artisan Law believes in educating Australians about the purpose and importance of Wills. The reasons for making a Will are often misunderstood, including by those with minimal assets, or who are young and in good health.
Many Australians are not aware that:
- Marriage and divorce can revoke part or all of a Will;
- Your assets may not be as minimal as you think, especially if you have superannuation, which may include life insurance;
- Making a Will may prevent a dispute about who administers your estate, and who receives your property or has an ongoing right to live in your home;
- If your assets are minimal, making a Will may save your family the cost of applying to the Court for orders to administer your estate;
- Your choice of executor is important, even if you have few assets- your executor may make decisions about your burial or cremation, trusts and businesses you operate, and applications for the payment of your superannuation death benefits;
- Your Will can specify guardianship arrangements for your children;
- Especially if you have a ‘mixed’ family with step-children, your dependents may be able to contest your arrangements;
- Superannuation and life insurance may not form part of your estate or be covered by your Will;
- ‘Digital assets’ (eg. social media, email and online media accounts) are not always covered by your Will;
- Not all superannuation death benefit nominations are binding- a non-binding nomination may cause a conflict of interest for your executors;
- Enduring Powers of Attorney can vary State-to-State throughout Australia;
- A Will and Enduring Power of Attorney are not the same thing.
If you have any questions about making a Will or Enduring Power of Attorney, contact Artisan Law and ask about a free initial phone conversation or obligation-free advice.