Surely having a current will is the ultimate in organisation. Let me ask you – does your will reflect your current circumstances? No? You don’t have one?!
If you don’t have a will, your estate will be distributed using a formula created by the government, not by you. Is that enough incentive? Here’s some more. If you live in Melbourne, there is a service which cuts down the expense and effort. Premier Wills comes to you. How easy is that? Now there’s no excuse to be unprepared.
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I live in Utah in the United States and it is somewhat the same here.
Here in the U.S. we should all have a trust set up telling where and how we want our possessions and estate handled. Along with the trust a will is also important as it will cover everything that may have been left out of the will. (That is how it has been explained to me).
We don’t want just a will alone because here it then becomes public knowledge and the heirs still have to have a lawyer to read the will. Where there is a trust and a will it remains private and doesn’t cost anymore to legally take care of the estate.
Also here we need to have a power of attorney to make our medical wishes known and carried out as we want them. This is part of the trust/will as I understand it.
Is that how it is in Australia?
My daughter asked me for two years to get a trust set up as it would be a load off her mind. And finally I did it. All my family is happy that I finally did this, we never know when we will have to have it.
That’s interesting Marilyn. Here in Australia it’s also important to have a Power of Attorney drawn up. There are 2 kinds – “Enduring” covering financial matters, and “Medical” covering medical wishes. Both are vital, and easy to draw up at the time of drawing up a will. I haven’t heard of a trust as you describe it here. As far as I’m aware the details of a will are not made public.
It’s good to discuss these things with your family and to be prepared.