Three myths about making a Will

MYTH #1 : Wills are for ‘old’ people

This is the most common one we hear, and frankly, we’re not surprised. Society has equated Wills with older generations for a long time (even longer than old people themselves!).

Once you turn 18 years of age, you are legally allowed to make a Will. Is this rite of passage as exciting as taking your ID to the local Bottle-O on your 18th birthday? Absolutely not. But the point here is that Wills are for all adults, not just the wiser ones.

MYTH #2 : Wills are for ‘rich’ people

In the real world, we rarely hear about Wills, unless: 

a) a loved one passes away; or

b) a high-profile person’s Estate makes the news (inheritance disputes etc.)

Many of the high-profile cases we see involve a ship-load of money, so it makes sense that we generally associate Wills and Estate-planning with people who have a lot of ‘ship’ (liquidated or unliquidated), that others may want to 'get their hands on' after the person has died. But this couldn't be further from the truth.

In life, our self-worth is not defined by the stuff we own or the balance of our bank accounts; and our afterlife is no different. Even if you have no assets, your Will matters, and your Will is important.

MYTH #3 : Wills are for ‘organised’ people

This one often goes under the radar and can stop us from getting started in the first place (sneaky….).

Many of us assume that Wills are only for people who are ‘ready’ and ‘organised.’ We think that the type of people who do their Wills have a clear idea about who, what and where they want their stuff to go (or not go). 

Fortunately, for the majority of us who have no idea about the who/what/where’s of our life, let alone our afterlife, there is good news: you don’t need to have a plan. In fact, you can make your Will as specific, or as broad, as you like.

The structure of a Will takes into account that life is constantly changing (i.e. new accounts get opened, assets get sold etc); so there is no pressure for you to include all the finer details now. As long as you nominate a reliable person, aka. Executor*, to be in charge of your Estate, you can rest easy (and in peace!) knowing that your legacy is in the right hands. 

For more information about doing your Will, chat with one of our WillPro’s today at wills@willpro.com.au

 *NOT to be confused with an Executioner.