Why Every Aussie Absolutely Needs a Will Now

As Aussies, we’re pretty good at planning for the future. We save for that dream
holiday, squirrel away money for a house deposit, and diligently contribute to our
super. But there’s one crucial aspect of future planning that many of us tend to
overlook – creating a will.

It’s not the most cheerful topic, granted. No one likes to think about their own mortality,
especially when you’re young and healthy. However, having a will is one of the most
important steps you can take to protect your loved ones and ensure your wishes are carried
out after you’re gone.

To shed light on this often-neglected aspect of personal finance, we’ve turned to an expert in
the field. David Kaplan, co-founder of Willed, an innovative online platform for creating and
managing legal wills in Australia, shares his insights on why having a will is crucial for every
Aussie – regardless of age or financial status.

“Many Australians put off creating a will, thinking it’s something only older or wealthy people
need to worry about,” says Kaplan. “But the truth is, everyone over 18 should have a will,
regardless of their financial situation or age.”

The Importance of Having a Will

“Many Australians put off creating a will, thinking it’s something only older or wealthy people
need to worry about,” says Kaplan. “But the truth is, everyone over 18 should have a will,
regardless of their financial situation or age.”Here are some key reasons why you need a will:

• Protect Your Assets: A will ensures your assets are distributed according to your
  wishes. Without one, your estate will be divided based on intestacy laws, which might
  not align with your preferences.
• Care for Your Dependents: If you have children or other dependents, a will allows
  you to nominate guardians for them. “This is especially crucial for parents of young
  children,” Kaplan emphasises. “You want to make sure your kids are cared for by
  people you trust.”
• Minimise Family Disputes: Clear instructions in a will can help prevent
  disagreements among family members about asset distribution. “Unfortunately, we’ve
  seen families torn apart over estate disputes,” Kaplan notes. “A well-drafted will can
  help avoid these painful situations.”
• Support Your Favourite Causes: A will allows you to leave a legacy by donating to
  charities or causes you care about.
• Save on Taxes and Fees: Proper estate planning through a will can help reduce
  taxes and administrative costs for your beneficiaries.

The Risks of Dying Without a Will

Kaplan warns, “Dying without a will, known as dying ‘intestate’, can lead to significant
complications for your loved ones.” In Australia, if you die without a will:

• Your assets may not go to the people you would have chosen;
• Your estate could be tied up in lengthy and costly legal proceedings;
• Your de facto partner might not be automatically entitled to your assets;
• If you have no close relatives, your estate could end up going to the government.

Creating Your Will

“Thanks to online platforms like Willed, creating a legally binding will has never been easier
or more affordable,” Kaplan explains. “You can draft a will from the comfort of your home, at
a fraction of the cost of traditional methods.”

However, Kaplan advises seeking legal advice for more complex estates or family situations.

“While online wills work well for many people, some circumstances might require specialised
legal guidance.”

David Kaplan

Keeping Your Will Updated

Creating a will isn’t a one-and-done task. “Life changes, and your will should reflect that,”
says Kaplan. He recommends reviewing your will every few years or after significant life
events such as:

• Marriage or divorce
• Birth of children or grandchildren
• Purchase of major assets
• Changes in financial situation

Final Thoughts

Having a will is an essential part of financial planning and family care. As Kaplan puts it, “A
will is one of the most important documents you’ll ever create. It’s not just about distributing
assets; it’s about protecting your loved ones and ensuring your final wishes are respected.”
Don’t put it off any longer. Whether you use an online service or consult with a lawyer, take
the steps to create your will today. Your future self – and your loved ones – will thank you for
it.