You've been meaning to do it. You know that it's super important now that you're a parent, but you just haven't gotten around to it yet.
A Will is important for every Australian Adult, but the importance of taking the time to write one now that you have kids cannot be overstated.
Despite all of us knowing how importance it is, a higher majority of parents don't have Wills compared to the population as a whole. Where over 50% of Australian adults don't have Wills, a staggering 57% of Australian parents don't have Wills. Here are a few reasons why parents have every reason to get their Will sorted today:
1. Guardianship - control who will care for your kids
Thinking about who will look after your kids if you pass away is a difficult and unpleasant thought, but it's one of the most important things you can do as a parent. Without a Will, if the child's other parent is not alive or fit for guardianship the question of your child's guardian will be left entirely up to the court.
When left up to the courts, anyone can make an application to become the guardian for your child - irrespective of whether you would have chosen them as Guardian yourself.
With so many important and personal factors to consider when appointing a guardian, the best thing you can do for your child's welfare is appoint a guardian under your Will. That way you can make sure that your child is brought up in the most appropriate, caring environment possible. Thinking about guardianship also acts as a prompt to having the important conversations with your chosen guardians about how you want your child brought up. While initially unpleasant, it may be the most liberating and empowering act you take as a parent, knowing that no matter what happens to you your child is in the best hands possible.
2. Securing Your Family's Financial Future
Most people assume that if they don't make a Will, their estate automatically goes to their partner and kids...right?
The reality is that while this may occur in certain circumstances, without a Will the administration of your estate is completely governed by the state or territory's intestacy laws. This again takes control over the process away from you, and doesn't empower you to adequately provide for your child's financial future. It may also result in entirely unforeseen and unwanted circumstances, where people who have a legal claim over your estate get priority over those that you really wish to protect when you go.
On top of this, the process of sorting out your estate if you die without a will (known as dying intestate) is lengthier, stressful and costly, and may even result in your children being locked out of the estate until the process is sorted out in Court. This can be avoided almost entirely by writing your Will and securing your children's future in writing.
You are the person who is best placed to know what assets, gifts or proportion of your estate would be equitable to provide to children to set them up in the best possible manner for the future. Thankfully, you are also the person who has 100% control over how your estate is distributed...you've just got to (finally) get around to writing your Will :)
3. It's never been cheaper or easier...
It has never been more simple, affordable or accessible for you to write your Will. With Safewill, you can specify all of your wishes for guardianship and complete a bespoke Will in less than 30 minutes. Get peace of mind by writing your Will and securing your child's future with Safewill today.
Get started for free.
To find out more about the consequences of dying without a Will, click here.