An Argument for Making and Updating Wills
- 1. Connolly Suthers AMP Building, 416 Flinders Street, Townsville, QLD 4810 07 4771 5664 An Argument for Making and Updating Wills
- 2. A 2018 survey by Finder.com.au found that 9.9 million Australians, or 52 percent of the population, do not have a valid will. In Queensland, that number is slightly better at 47 percent. This is an issue for a plethora of reasons. Making a will should be a priority for any adult, regardless of the estimated worth of their property. Key Terms: • Will – legal document that details the distribution of a deceased person’s assets. • Estate – A person’s assets after death. • Executor – Person appointed in the will to administer the estate. A Valid Will A valid will informs the distribution of the estate of the deceased. It includes an executor who can be held liable should the wishes of the deceased not be honored. It also names guardians for any children who are minors. However, a will cannot dictate the distribution of jointly owned assets, superannuation, life insurance payouts, and trust assets.
- 3. Without a Valid and Updated Will If a person dies without a valid will in Queensland, the administration of the estate defers to the Succession Act of 1981. In this case, the beneficiaries of the estate may not be ideal for the deceased. This may also entail more costs and a longer time to process for those involved. Although a homemade will may get legal recognition, it is susceptible to challenges, particularly if it is not witnessed correctly. Proving this document may also result in more unwanted costs. Major life changes like marriage, birth of a child, divorce, death of a spouse, beneficiary or executor, can affect the administration of an estate. In some cases, preferred beneficiaries do not receive their share of the estate. Making a Will The whole process of making a will is simpler and faster than most expect. There are a variety of resources available online and otherwise. Wills can technically be made without lawyers. However, especially with large estates, the aid of a legal professional is ideal. Lawyers can also help in making sure the will is as clearly worded as possible. They can also serve as witnesses – at least two witnesses are required for the will to be valid.
- 4. In Queensland, the Public Trustee is a statutory authority set up to help residents of the states. They can also aid in the administration of an estate. The issues that may arise from not having a valid will, along with the ease of making one, are already compelling reasons for anyone above 18 to consider. Although loss and death are topics often avoided, having a valid will is one less important thing to worry about when the time comes. SOURCES: https://www.connollysuthers.com.au/ https://www.legislation.qld.gov.au/view/pdf/2016-03-22/act-1981-069 https://www.qld.gov.au/law/births-deaths-marriages-and-divorces/deaths-wills-and- probate/wills https://www.pt.qld.gov.au/about/about-us/ https://www.news.com.au/finance/money/wealth/new-research-reveals-52-per-cent-of- adult-australians-dont-have-a-will/news-story/a93f8904936956b48f7f840195413f9c