If you have children and/or pets, you will be asked to nominate a Legal Guardian for them if the worst case scenario were to happen & your child were to become orphaned. A Legal Guardian is responsible for two main things: Caring for your children in the event that they become orphaned Your children’s lifestyle, e.g. making decisions on education, religion, family visitation, living arrangements & healthcare You can nominate an individual, or multiple people with equal/ shared responsibilities to be your little one's Guardian. In your Will, you'll be asked to nominate: Primary Guardian/s; Alternate Guardian/s. Your Alternate Guardian/s steps in if your Primary Guardian/s dies before you or becomes unable to fulfil their responsibilities for any reason. What...
So much has changed since the society that our grandparents (and some of our parents) grew up in and the one we live in today. Technology and social media are obvious contenders; but broadly speaking, social and cultural attitudes have shifted in more progressive and inclusive directions. What life looks like for a Boomer and a Gen Y’er (i.e. millennial) across their teenage years and adulthood is like comparing apples with oranges; neither is objectively better or worse than the other, they are just different. But if the landscape has changed so drastically since the Boomer and Gen X generations, why is it that when it comes to Wills: we’re still very much in the 1950s? In those rare times...
Intestacy A situation where a person has died without leaving a valid Will. Not a form of IBS. Also see: ‘worst case scenario.’ Studies show that about 100% of us are likely to die some day. If you die without a Will, the law considers you to have died intestate. This word might sound a little fancy (or even a little un-comfy if you ask us), but it is an unfortunate (and costly) reality for many individuals and families. A common misconception is that if you die without a Will, everything gets automatically allotted to your next-of-kin. That’s just simply not true. What actually happens is that ‘the law’ takes over. According to the intestacy laws of your State/Territory,...
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...
