10 Reasons to Make a Will for Your Future

Why You Need a Will

Yes, you’d rather not think about it. But deep down you know that creating a plan for how you want your assets to be dealt with after your death makes obvious good sense. In fact, there are a whole lot of important reasons why writing a Will is crucial, and one of the best investments of time and money you will ever make.

From making provisions for the people and causes you love, to avoiding wasted time, money and the stress of uncertainty - here are the top 10 reasons why you should make writing a Will a priority.

1. Decide How Your Assets (Your Estate) Should be Distributed

This is the number one reason most people decide to write a Will - and it’s a good one! Clearly stating your intentions about what you want to leave to your family, friends and charities is key here. It requires some planning and is best spelled out in detail in a legally binding document.

Including instructions in your Will could be a clever way of re-gifting that crocheted tea cosy to Aunty Barbara. And really, it’s the only way of ensuring your collection of 70’s vinyl ends up with someone who’ll appreciate it!

But seriously, it’s important to understand that if you die without a Will (known as Intestacy), the law in each Australian state and territory will determine who benefits. It complicates the legal process, and the result might not be the one you’d hoped for.

2. Take Care of Your Children

Who would you want to care for your children if something unexpected happened to you and your partner? Depending on your circumstances, this may be either a straightforward choice or a complicated one.

Quite understandably, this decision could bring up uncomfortable feelings and can lead to disagreement and family disputes between parents, which is why so many of us avoid facing it.

The Importance of Deciding Guardianship and Care of Minor Children

The reality is, though, that you certainly don’t want something this important left unplanned for. Without a proper set of instructions, guardianship of young children can be decided on by the law, and this adds a level of bureaucracy to an already stressful situation.

An even more troubling possibility is that if you don’t have a clear Will, the legal right to care for your minor children could be given to a family member or other person that you would never have intended to step into that role.

When you write a Will you can also make a considered choice about who should take over the care of your children. And, more importantly, it nudges you towards starting a conversation with your preferred guardians about exactly how you want your children to be raised.

3. Avoid the Cost and Complication of Not Having a Will

Not having a Will could make the Probate process (the process of sorting out your Estate when you die) much longer and more expensive than it needs to be. It can add a huge burden of stress and unnecessary costs to what is already a difficult situation, and can easily be avoided by executing a valid Will.

Not only that, but a court could decide to divide your property and assets in a way that you hadn’t intended. Additionally, without a clear Will, the complexities of inheritance tax may further exacerbate financial challenges for your beneficiaries.

Navigating Financial Responsibilities With Your Will

Estate taxes represent a critical aspect of end-of-life financial planning. By incorporating provisions related to estate taxes into your Will, you ensure a smoother transition of your assets.

A well structured Will can potentially minimise the financial burden on your heirs and beneficiaries by strategically addressing tax implications. Considering the complexities associated with estate taxes, proactive planning in your Will allows you to make informed decisions, potentially maximising the value passed on to your loved ones while minimising tax liabilities.

4. Identify Who You Want to be Executor

An Executor plays the starring role in managing your Estate. You want this important position to be filled by someone you feel comfortable with.

Without lining up a trusted Executor, and making it clear who that person is in your Will, your Estate could go through a potentially complicated administration process. In this situation a lot of groundwork may need to take place before your assets can be handed out after a “grant of administration” has been given.

5. Make Sure Your Pets Receive the Love and Care They’re Accustomed to

Your fur babies are a big part of your family, but pets are often forgotten about when it comes to estate planning. Without including them in your Will, however, your pet will be treated as ‘chattel’ at law to be dealt with by your Executor.

Thankfully, you can include instructions about your pets within your Will, including who you want to look after them if something were to happen to you (a ‘Pet Guardian’), and allocating money for your pets’ care and maintenance (a ‘Pet Care Fund’).

This ensures that not only will you have certainty over who is going to look after your pet if you were to pass away, but also that they will not be out of pocket or financially impacted by caring for your pet. You can read more about what happens to your pet when you die what happens to your pet when you die here.

6. Donate to Charity and Causes You Believe in

Are you a dog lover? An environmentalist? Keen to support a social enterprise doing good stuff that you admire?

There may be causes and charities that you want to acknowledge as part of your legacy. By leaving instructions for gifts and charitable donations in your Will, you can show just how important they are to you.

Safewill has partnered with a range of charities, making it easy to donate in a way that suits you and your interests.

7. Plan for Future Uncertainty

What if life deals you an unexpected set of cards, and life circumstances change? We all know someone who passed away before their time or in circumstances no one counted on.

And, yes, it’s part of being human to procrastinate and practice avoidance when it comes to thinking of your death, or the deaths of people close to you.

Uncertainty is an unavoidable part of life. Writing a Will is a way of knowing that all your affairs and final wishes, and the security of the people you love most, will be taken care of after you’re gone. It can be a concrete and reassuring way to reduce fear of the “unknown”.

8. A Will is a “Living” Document and can be Changed

Writing a Will is a starting point for your end of life planning. Don’t think of it, once written, as being set in stone or locked away in a dusty vault.

Each major life event - acquiring new property, having children, starting or ending a relationship - can change the way you want your estate divided, your possessions to be distributed, and your personal affairs to be ordered.

As an online Will platform, Safewill makes it super simple to change things up whenever you need to.

9. Have a Voice on How You Want to be Remembered

More and more people these days are realising that their idea of a meaningful “send off” just isn’t served by a traditional cookie cutter funeral. A wake, party, shared meal, community event or a nature-based memorial may be more your vibe.

Make sure your family members and friends remember you in the way that would mean most to you by including your intentions in your Will.

10. Secure Your Digital Footprint and Tie Up all the Loose Ends

Life in the 21st century is #complicated! Things that past generations didn’t have to consider, like making sure your social media accounts and “digital assets” are taken care of, is something that can also be organised as part of writing your Will.

Safewill makes it easy to leave instructions on consolidating, closing or managing your important digital accounts. It provides a central place where they can be easily dealt with by the person you nominate. You can read more about it here.

Securing Your Legacy: Compelling Reasons to Write a Will

We hope this round-up of the top 10 reasons why you need to write a Will has given you food for thought on the benefits they provide you and your family.

More than anything, writing a Will is a way of making your own personal values and intentions clear, and not leaving your legacy to chance.

As you embark on this important journey, learn how Safewill can help you get started right now right now on making your own secure online Will.