I have spoken to many people and many give me a common look when I asked them “Have you done your legacy planning? Have you write your will?” and the look is a confused look. “What is legacy planning? Why do I need to write a will? I am not rich, I don’t have many assets, no need to write will!”
There are many advantages to writing a will which many are not aware of. Having a will helps you to distribute your assets according to your wish. This is especially useful if you want a particular family member to have more for e.g. your aged grandparents for taking care of you when you are young, or your special needs family member if you have one. If you are contributing a sum of money to charities or to your religion regularly and you want to continue to do so after you pass on, you can also state in the will as well.
For those who have very young children, you can also appoint guardian for them too to take care of them till they become independent. It is better for you to appoint somebody you trust to be a guardian so that your children will be in good hands, else you would not have the assurance that your children are well taken care of when they grow up. No parents will want to see their children suffer.
If you have assets overseas such as properties, it would be good to include in the will as well so that it will be distributed accordingly. It would be very troublesome to engage a lawyer to do the paperwork only when your family realized that you have an overseas property which they failed to declare in the schedule of assets.
What happens if you do not have a will? Then your assets will be distributed accordingly to the Interstate Succession Act. Usually families will receive the estate’s money faster if the deceased has a will compared to those without a will. These money will come in useful to finance your family’s daily expenses especially if the deceased is a working adult financing the household expenses.
The cost of writing is cheap and you can engage a professional will writer to do it for you and usually the services they charge is lower than a lawyer. You do not need to engage a lawyer just to write a will.
Given that there is no disadvantage in writing a will, please talk to a will writer to know more about the process in writing a will and start to write one today and get the peace of mind you need!