It is fair to say that no-one likes to think about their own mortality, and as a consequence, many people put off getting a Will prepared, or simply do not have a Will at all. Having a Will, or contemplating making one, is either a low priority or a ‘no’ priority.
A Will is an important legal document that clearly sets out how you want your assets distributed after you have died.
Undoubtedly, having a Will provides peace of mind, reduces anxiety, and makes your wishes certain. And a Will is also a cost effective means of road mapping the movement of your assets.
So what are the roadblocks to getting a Will in place?
If there are so many good reasons to make a Will, and many of these reasons are almost intuitively known to us, why then would we - logical, rational, common sense people - not have one?
Here is my list of the top five roadblocks that stop people from getting a Will done:
Fear
Having a Will is considered by many as a ‘Bad Luck Charm’. In fact this may even be the single biggest reason why people do not make a Will. Although it’s a completely unfounded view, it’s a common one nonetheless, despite there being absolutely no statistical evidence correlating the making of a Will with imminent death.
I suggest instead focusing on the reward of having a Will. Fear tends to dissipate with familiarity. It just takes a little time.
Cost
Cost is perhaps the second biggest roadblock preventing people from getting a Will done. However, it really depends on how you count the cost.
The cost of spending a few hundred dollars now to ensure your estate is distributed in accordance with your wishes can save thousands of dollars in the future because your estate is intestate, and that isn’t including the emotional cost that can burden relatives left to sort out your belongings because no Will was in place.
Wills don't have to be a huge financial investment on your part. I suggest you do a ring around. Pick out three solicitors and ask what their costs are to do your Will. Compare the costs. We do that for other products or services we spend our hard earned (or, hard saved) money on, don’t we?
Here at Kenny Spring our Wills are cost effect and our rates competitive, and we give pensioner discounts.
Time
Either you don’t have time or you feel it’s too time consuming. The real name for this, however, is called ‘procrastination’ and we are all susceptible to this! We form the view there is little or no importance to having a Will, that it is simply too difficult a task, or that we are literally just too busy.
At Kenny Spring we can craft a Will while you wait. In fact you can have a solicitor prepare a Will in the time it takes you to finish your coffee. At Kenny Spring we make the process as simple and efficient for you as possible, providing guidance and help from beginning to end.
Before you know it you’ll be on your way with a renewed spring in your step without having to spend copious hours in a waiting room. If you are too busy to stop or pause for a coffee… then you are probably too busy!
Too complex
You may consider your family or asset structure is just too complex. Or you may be embarrassed or confused, not able to think about your family or assets because it is too hard to think about, unable to work through the legal complexities or not wanting to offend family. Ignoring an issue is never a good strategy to resolving it. Yes, some families and some asset structures are hard and complex and puzzling. But that is okay. Hard is fine if you know what you’re doing.
If this is your situation I suggest we chat first. If I can’t directly assist to create a Will that satisfies you, then we can get some financial planning advice or accountant advice or even family law advice, and go from there. An appointment will focus the mind, and help to move you forward.
'She'll be right, mate' Attitude
While attitude is key to all the roadblocks above, I want to focus specifically on the ‘She’ll be right, mate’ type attitude here.
You may feel that you are too young to worry about having a Will in place. Or you may have formed the view that it won’t matter to you what happens with your possessions when you are gone, so there is no need to plan for it.
You may even feel that you have little or no assets worth giving, so there’s no need for a Will and ‘She’ll be right, mate.’ Not true I say. If you’ve been able to make it this far into the article then surely by now you have already considered the peace of mind for you and your closest that having a Will brings.
So Kenny Spring's advice to you is face your fears, plan ahead and make getting a Will prepared your number one new year's resolution for 2017.
For more information please contact Patrick Coetsee, Wills and Estate Planning Solicitor on 02 6331 2911.