I have no assets, do I need a will?

A comment I often hear is “I have no assets, I don’t need a will”. So, there is no point having a will, right? Wrong.

Having a will in place eases the stress and burden on your family. It makes administering your estate and handling your assets, however minimal they may be, a lot easier for your family and loved ones.

What many people may not know, they probably have a ‘Death Benefit’ attached to their superannuation. Upon your death, a lump sum will be paid to either your estate (i.e., your will), or to a ‘dependant’ such as a child, spouse, domestic partner or a person who you are in an interdependent relationship with. Depending on the amount of cover, this sum could be anywhere between $20,000 to upwards of $400,000.

If you die without a valid will, your estate will be distributed in accordance with the Rules of Intestacy. These rules are standard and are not suitable for every person and their individual circumstances. Too often we come across situations in which a person dies leaving no valid will, and the estate is distributed in a way that is contrary to that person’s wishes. This often leaves the family upset, angry and emotionally drained. Sometimes, it even leads to lengthy and costly court proceedings.

Even if your estate is very small, consisting of just a couple of small bank accounts and a vehicle, having a will makes the administration process a lot simpler.

The death of a loved one is catastrophic for the family. When there is no will in place it simply exacerbates the stress and anxiety on your family. While having a will does not necessarily make them happy, it certainly eases the stress.

To discuss creating a will today, book an appointment with a lawyer from the Wills & Estates team today or download a copy of our free eBook Your future, Your will to learn more.