A will is a legal document with instructions for who you want to inherit your estate, care for your children, and be the executor of your estate when you pass away.
According to a 2015 study, only older Australians and those with significant assets most commonly had a will in place.
Prof Steen says various misconceptions and superstitions are among the reasons that people refrain from making a will.
When someone dies without a will, it is called intestacy, and the distribution of assets then takes place according to the state or territory laws.
Solicitor Dean Kalymnios says having a will in place can save a family the hassles of going through this situation.
“People think that wills are something that basically concern people nearing the end of their life. And not to be morbid about it, you never know when that's going to be. So, it's always a good idea to plan ahead. Another misconception is this idea that if you don't have a will, the state gets all of your assets. And that's not true either. There are laws, which state exactly what happens in that situation. But obviously, if you die intestate, which means without making a will, in those situations, it's a little bit more complicated in terms of what the law says about who gets your assets and your estate.”
The order of inheritance without a will depends on your state or territory laws.
While online do-it-yourself will kits are a rising trend in Australia, getting legal advice is considered a safer option.
Model house Source: Getty Images/seksan Mongkhonkhamsao
But it’s not just solicitors who provide professional assistance.
You can get your will written by the State Trustees, a government office operating in each state or territory.
Public Trustees still charge, but fees are regulated, nominal or fee-to-service. Fee exemptions may also apply for pensioners and people over 60.
Michael Spiegel is the Executive General Manager of the Trustee Services division at the Victorian State Trustees.
He points out that this is critical for migrants in Australia who have children under 18 and may not have other family network in the country.
“So, myself, for example, my children were born in two different countries. And when my wife and I set up the will, we nominated guardians here in Australia because our children grew up in Australia. We thought, if we passed away of all that destruction, how dramatic of an event that would be for them, for them to go back to countries they never knew would be even more dramatic for them. And so, we wanted to make sure that we had identified our closest friends here who were willing to take care of our children in that eventuality.”
Click on the player above to listen to this information in Punjabi.
