The top 4 misconceptions about writing a Will - debuNked!
Estate planning can be confusing - in fact, it can be down right daunting, if you don’t know the ins and outs and have reliable information. It seems a lot of the misinformation stems around Wills. We’re setting out to clear up some of that confusion today.
I don’t need a Will because I don’t have assets
If you have access to a bank account, mortgage, or even super, among other everyday financial necessities, you need a Will. Writing a Will is also a simple way to ensure that your hard-earned money goes to the individuals that matter to you the most. That’s one less thing for your family to stress over during a difficult time like the passing of a loved one.
2. Wills are expensive
Whilst the exact cost of your will is contingent on the complexity of your case, for the average Australian, you would only be required to make a one-off payment of around $300.
3.I don’t need to appoint a guardian for my underage kids; my loved ones know my wishes as is.
It’s all well and good that you’ve discussed with your family and friends who you’d want to be the primary caregivers of your underage children if you passed away. However, wouldn’t it be safer and more reassuring to know that the ones you care about will follow your wishes exactly and not just through passing verbal agreements?
4. I've got a Power of Attorney
A Power of Attorney is voided once you die, meaning that your appointed attorney does not have the power to control or manage your estate. Hence, it is crucial to establish an Executor in your will that will be responsible for your affairs once you pass.
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