August 21, 2013
The Salvation Army revealed in a media release of 21 Jan 10, that 36.1% of Australians aged 25+ (equivalent to over 5 million people) didn't have a Will. According to the 'MoneySmart' website, ASIC estimate that as many as "… nearly half of all Australians die without a will, or intestate".
Many people state they are just too busy to make a Will and would get to it at some time. I'm guessing these people don't realise that if they die intestate, their estate will be divided according to a Government formula that may not reflect their wishes. This may result in undue hardship, cost and delay for the remaining family members - not to mention a good deal of stress at a time when they will already be emotionally fragile.
Many people may also think they don't have enough assets to warrant the making of a Will. But over time you will acquire more and more assets that will have significant value. You may also have substantial insurance both inside and outside of super. Additionally, a Will can cover more than just the distribution of your estate. You could also include details of how you wish your remains to be disposed of. If you have young children you might specify who you would like to act as guardians of those children.
Your Will is a vital document and one which you should invest a few hours of your time, in conjunction with your solicitor to get right. Don't delay - act now!