10 Disadvantages of Not Having a Will

Not having a Will means: –

  1. you have no say about who will administer your estate, – it may end up being administered by someone that you would not appoint;
  2. you have no say about who is chosen as the guardian for your children;
  3. 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);
  4. 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;
  5. your spouse may be forced to sell the family home in order to pay a share to your children;

not having a will

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. 

Myths and Reasons People Give for Not Having a Will

  1. 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;
  2. 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;
  3. 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.