10 Disadvantages of Not Having a Will

Not having a Will means: –

you have no say about who will administer your estate, – it may end up being administered by someone that you would not appoint. That’s a big disadvantage of not having a Will;
you have no say about who is chosen as the guardian for your children!;
you have no say about the distribution of any specific assets you would like to pass on to specific family members (for example a family heirloom such a piece of jewellery);
you have no say or control over the distribution of your estate and the rules prescribed by the laws of intestacy may not be the same as your wishes. Check out the link to find out those disadvantages to not having a will;
your spouse may be forced to sell the family home in order to pay a share to your children;

6. partners, step-children, friends or a favourite charity may miss out;

7. any incapacitated members in the family who require greater protection may miss out;

8. your estate may not be handled in the most tax effective way;

9. you may affect someone’s income if their legacy makes them ineligible for a pension; and

10. it creates further stress and uncertainty for loved ones already grieving the loss of a loved one.

“making a will is time-consuming and expensive” :- this is not true as a Will can prepared quickly and inexpensively. If you consider the total value of your belongings in comparison with the small outlay associated with engaging a lawyer to prepare a Will, this is minuscule;
“I am too young and I don’t have any assets”:- people often overlook things like their pets, or digital assets, and other important assets such as superannuation and life insurance which form part of a deceased estate;
“people associate making a Will with death and they don’t want to think about dying”:- the problem with this is that it creates greater stress and uncertainty for your loved ones should you accidentally die.

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