When it comes to wills, there are many misconceptions out there. In fact, people often assume that they don’t need a will – especially if they do not own many assets. Unfortunately, these assumptions can lead to a lot of stress and confusion for loved ones later down the track.
While matters concerning wills and estates can be complex and confusing at times, at Arenburg Legal we’re dedicated to helping our clients understand the law as it applies to them with clarity and ease. In this blog post we’re outlining the top misconceptions about wills in Queensland and debunking these.
So, what are the top misconceptions concerning wills?
People often assume that:
- Wills are only for rich people;
- If you’re not wealthy, you don’t need a will;
- If you’re married, everything will go to your spouse anyway; or
- Wills are expensive to put together.
Is there any truth to these ideas?
These misconceptions are exactly that: misconceptions.
As for the first two points, under Queensland law all deceased estates need to be administered. Of course, if you don’t have a will in place when you pass away your estate can still be administered. But having a valid and enforceable will means your estate and assets are distributed in accordance with your wishes, and it’s likely to save a lot of stress and confusion for your loved ones during the administration process.
As for the second point, whether your assets and estate will go to your spouse very much depends on your personal situation. Generally speaking there is an order of inheritance in which a spouse sits at the top. But this matter can easily become more complex if you are not married or if you have an ex-spouse. It’s always worth seeking professional advice to learn how the law applies to your personal set of circumstances.
Finally, wills are not expensive documents to put in place. If you’d like to go it alone, you can buy a will kit on the internet for a couple hundred dollars. While you may save money buying a will kit, the reality is that the money you save on a will kit may be exceeded (by a considerable margin) as a result of any legal fees or court costs associated with untangling any mistakes you’ve made in preparing your will or dealing with any challenges to the will.
So: when you’re putting a will together, you must get the right advice. You need to ensure your will is clear, concise, understood by all concerned and allows the executor of the will to execute your instructions faithfully and without delay. For assistance with putting your will in place, please don’t hesitate to contact Arenburg Legal +61 (07) 31815554 or .