Writing a Will is one of the most important tasks to tick off your life admin list. It’s also one of those tasks that no one likes to talk about because it can be difficult to think about. However, a binding Will is the only way for you to have certainty over what happens to your life’s work if you were to pass away. Without one, the division of your estate and care of your children is left up to the state, leaving significant uncertainty and worry for those left behind. If you have children, your own business, or even just a bank account, taking care of your Will now is an easy way to save your loved ones lots of stress and unease in the future.
We recently caught up with Adam Lubofsky, CEO of Safewill, Australia’s leading digital Will-writing platform, to find out how easy it can be to create a bespoke Will.
Question: Isn’t it difficult and expensive to write a will?
Response: Many people assume that the only way to write a Will is with a lawyer. While for some Australians with complex needs this is true, for most of us a trip to a lawyer may be more complicated and expensive than is necessary.
It’s important when writing your Will to think about who and what matters most to you, and how you want to protect them if you were no longer around. This includes appointing guardians for your children, choosing your executors, making an inventory of your assets and setting out how you want to divide up your estate. Writing a Will also gives you the option of leaving gifts and personal messages for your loved ones.
There are low cost ways to produce a Will, but they can be problematic as they don’t allow you to access a document that is specific to you and your personal circumstances. This means you don’t often achieve the protection that you specifically need.
Using an online platform such as Safewill enables you to create a bespoke Will in a cost-effective way, and includes a review from a fully qualified Australian lawyer to ensure your Will is mistake-free.
Question:What happens if you don’t have a Will?
Response: Dying without a Will is a costly, stressful and difficult position for your loved ones. Without a valid Will in place, the division of your estate and care of your children are determined by the government. This may not be in line with your wishes and is likely to entail costly and time-consuming visits to court for loved ones to access your estate. In addition to the financial cost, children can be left uncared for, and family conflict can arise, which is terrible to think about when you consider how easily it can all be avoided by having even a simple Will.
Question: Why is it important to have an up-to-date Will?
Response: Having an up-to-date Will that accurately reflects your current circumstances and estate is the only way to be sure that your affairs will be handled according to your wishes, rather than according to the law. This is especially important if you have property, superannuation or even just a bank account, and is even more so if you have dependent children or pets. Ensuring that your loved ones are provided for and that they have one less thing to worry about is often the key reason for writing a Will.
If it’s been a while since you reviewed your Will, or if you don’t have one in place as yet, Safewill makes the process of Will-writing easier, more accessible and affordable than before. You can write your bespoke Will online in just a few clicks and for a fraction of the price you’d expect to pay with a lawyer.
While it’s not a prerequisite to have a Will when borrowing money, we always encourage our clients to have their affairs in order should the unforeseen occur. After all, looking out for your best interests is what we do best.
Safewill are offering medical, dental and veterinary professionals and their staff and families a 20% discount on their Wills with Safewill.
Simply visit https://safewill.com and use the promo code SAFE20 when checking out before the end of July to access this discount.
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