Making a will is a personal choice, and different people can decide whether to make a will based on their own circumstances and wishes.
Making a will is a personal choice, and different people can decide whether to make a will based on their own circumstances and wishes.
Ensure that your estate is distributed according to your wishes
A will ensure that your estate is distributed to designated heirs according to your wishes. If there is no will, your estate will be distributed to your immediate family members (such as spouse and children), then parents and siblings, etc. according to Australia's inheritance law. If you do not have a spouse or children, but want to leave your estate for charity or close friends, you must make arrangements through a will, otherwise your relatives will inherit your estate. If you are in a large or reconstituted family, you can leave most of your estate to specific family members through a will.
Appoint a guardian for your children
You can choose a legal guardian for your minor children through a will, so that if you suddenly die unexpectedly, your guardian can help you take care of your children and prevent your children from being taken away by government agencies.
Special arrangements
A will allow you to make various special arrangements, such as allowing your spouse to continue to live in your home for a certain number of years after your death. Alternatively, you can set up a trust in your will to manage the allocation of assets (this type of trust will be much more expensive than a general will).
Special Gifts
A will can arrange for some non-asset gifts, such as family heirlooms, jewelry, famous paintings and collections.
Funeral Planning
You can arrange funeral planning in advance in your will, such as cremation, burial at sea and ceremony requirements.
Reduce Family Disputes
Making a valid will can avoid many unnecessary inheritance or family disputes. No one can change your will anymore.
Finding a Suitable Executor
Finally, it is important to note that you need to find a trustworthy executor to make a will so that you can rest assured that your affairs will be handed over to them. This person can be a family member, a friend or your lawyer.
In short, making a will is not just for the distribution of property, it also includes your detailed planning for your affairs after death. Whether you have property or not, making a will is an option worth considering.