5 reasons you need a Will and what happens if you don’t have one

“…Everyone needs a Will. It is that simple…”

Facing the fear of death is something most people are not prepared to do. Our clients often tell us that time was their number one reason for not sitting down and going through their assets. Or they say they were unable to decide on executors or guardians, when in fact, we know that the ultimate reason for not having a will written professionally is fear of death.  

Discussing death is a ludicrous thing, right? And thinking about death is even more unattractive. So why do we recommend you seriously take the advice of our team? Let’s face it, the only positives are the following 5 reasons.

1. You are not buying a document from a lawyer. You are buying their advice.

Rarely is death a positive topic. Yet, the somewhat sore topic is why Carter Bond Wills have a dedicated team to ensure that your Will becomes a legal instrument that removes doubt as to whom you wish to benefit from your estate.

Our teams know exactly what we are asking of you to do and, that is, to make an all-important decision about who is (and who is not) going to benefit from your estate when you pass. For this reason alone, you need clear, structured, and easy-to-follow guidance to make sure your will truly reflects what you want it to, legally.

Our wills team are here to make sure your Will tells everyone what should happen to your money, possessions and property after you die.

2. You acknowledge the people who played a special role in your life.

Writing a Will is a way of acknowledging those special people you have long admired, raised or developed a relationship with, whilst you were alive.

This makes your will a strategic tool that you can use to ensure your money, possessions, and property (your ‘estate’) are all safely handed down to the person you intended for it to.

If you don’t have a Will, everything you own will be shared out in a standard way according to the law – which isn’t always the way you might want.

3. A will makes financial sense

A Will is still subject to tax. Instead of trying to use a Will to avoid the often-heavy estate taxes, explore different types of trusts that may work for your situation. Trusts can escape a lot of tax subjection, because the property is not passing directly to the beneficiary, rather to the trust account, over which the beneficiary does not have complete control.

If a person dies without a Will, it means they have died intestate, allowing their wealth to be distributed according to the laws of the country in which the person lived.

4. Your Will is especially important if you have children (under 18) or others who depend on you financially.

At Carter Bond Wills we ensure that your will performs the way it should, especially with minors or others in your care.

Not knowing what will happen to your children or those in your care, how they will be taken care of or who will take care of them are all factors we take into consideration when your will is drafted.

Ensuring they have the support, finances, and opportunities you wanted them to, are worth including in your will. By leaving a Will, you appoint your guardians making it easier for those who you intended to look after your child/ren, to do that hassle-free.

Without a Will, the courts have an overwhelming say in where those children or people in your care are placed.

You will need to consider financial support for them by setting up a trust.

5. You decide your wishes and who carries them out.

Your Will tells people two very important things:

1) who should have your estate when you die.

2) who will be the executor of your Will, following the instructions you leave and if they agree.

What happens if you don’t have a Will?

One thing stays true, if you don’t make a will, the Government will dispose of your estate for you in accordance with the law.

If you die intestate (without a Will) it can mean that your estate might be passed on to someone you had not intended it to.

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