Most people don’t like to think or talk about death. It makes you uneasy to think of the future. However, avoiding it altogether and being unprepared for this reality is much worse. 

According to a statistic, over half of the Australian adults–about 52% or 9.9 million Australians–don’t have a will. Fourteen per cent of them said they didn’t have enough wealth or assets for drafting a will. Meanwhile, 4% said they simply don’t want a will.

For most people, a will is only for those retiring or having a large estate. However, a will is a critical document, regardless of your age or assets. If you die without one, you leave important decisions to your local court and your state’s law.

Drafting a will, either with the help of a lawyer or an online legal service like Willed, can help safeguard those you leave behind in this life full of curveballs. This article shares the basics of what is a will and why you need it.

Understanding A Will

A will is more commonly called a last will and testament. It is a legal document that outlines how you wish your estate to be managed after passing away. A will makes it easier for your heirs to fulfil your final wishes and divide and distribute your assets.

Six Reasons For Drafting A Will

There are several advantages of drafting a will. Read on to learn the reasons why you should start drafting yours.

• Appoint A Trustworthy Executor

Drafting a will allows you to choose and appoint an executor. This will be the person in charge of handling and wrapping up all your estate after death. Their responsibility may include liquidating and distributing assets, closing bank accounts, and everything in between. With a will, you can choose someone capable and who you trust to conduct these activities.

• Control The Distribution Of Your Assets

If you die without a will, you have died ‘intestate.’ This means that your estate will be managed according to your state’s intestacy laws. With this, you don’t have any assurance that these laws will align with how you prefer to distribute your estate. 

Drafting a will can help you avoid this issue. With a will, you can control and specify how your assets and properties should be handled and distributed after you die.

• Choose Who – And Who Does Not – Get Your Belongings

One of the biggest reasons people draft a will is to declare who’ll get their assets and property. You can name people as beneficiaries for particular properties and assets. Also, you can name beneficiaries for properties and assets that you don’t list, also called ‘residuary’ assets.

A will can also make sure that some people don’t get anything. For instance, you might not want an ex-spouse or greedy relatives to receive an inheritance. By including a specific instruction into your will, your ex-spouse or a relative can’t chase after your assets.

• Select A Guardian For Your Minor Children’s Care

Writing a will allows you to appoint a guardian for your minor children after your death. If you don’t have a will or don’t outline this in your will and the other parent is not available or dead, the court will appoint a guardian, usually among your relatives. That said, you’re probably in a better position and know your kid best than the court to make sure that they don’t end up in the wrong hands. A will can allow you to pick the best guardian possible to take care of your children.

• Provide Instructions For Your Funeral

You probably don’t want to plan your funeral. However, if you plan about it now and leave specific instructions, you can reduce the burden on your loved ones. These instructions may not be legally binding, but they should give your loved ones and executors guidance on your final wishes.

When you include this in your will, you can also name a funeral executor to manage the whole process, make requests for your final resting place, or give suggestions for the service and its location. 

• Save Your Loved Ones From Stress Of The Legal Proceedings

Death is already an emotionally stressful event. It can even become more physically stressful with all the legal proceedings your family needs to face if you pass away without a will. As mentioned before, a will allows you to appoint an executor. This makes it easier for your loved ones and avoids the expensive, time-consuming, and contentious process of interstate administration.  

In addition, a will helps prevent disputes among your family members by providing a guideline and clarity on your final wishes. Additionally, it will provide you with a chance to explore different estate planning resources and tools to reduce the burden of estate taxes and inheritance taxes that your family may have to pay.

Take Away: What Is A Will?

When contemplating what is a will and if you need one, remember this: ‘Tomorrow is not promised.’

A will is a critical document that can make things a little lighter for your family and relatives when you pass away from this world. So, stop procrastinating and start creating a will now. Be sure to consult a legal expert to help you draft a legally-binding will for the future.

Alex Smith

Alex Smith is a Law student from the University of Melbourne. He is a practical problem solver and dealmaker and loves to share his legal knowledge through blogging. Lance primarily focuses on estate planning, real estate litigation, and probate litigation.