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;
- 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;
- 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.
Myths and Reasons People Give for Not Having a Will
- “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.