Szabo & Associates News & Updates
Every Adult Should Have a Will
Research suggests that there are still too many adults who don't understand how important it is to have a legally valid Will in place, regardless of their personal circumstances or size of their estate.
The New South Wales Trustee & Guardian reports that 45% of Australians are currently without a Will. In America, this figure rises to around two-thirds, according to recent research by legal insurer ARAG. Neither of these figures account for individuals whose Wills are invalid or not up to date, leaving them open to disputes.
The research found a number of different reasons were given for why people didn't have a Will, but the reason quoted by almost 50% was that they felt "it wasn't important". For some, this was because they had no children, whereas others didn't have a lot of money, or believed it was enough to simply tell friends and family their final wishes.
ARAG found these results concerning, as it believes that estate planning is important for every adult.
"Contrary to what most people believe, it's actually just as important for people without children or a large bank account to have a Will, as well as advance directives, like a Living Will," explained David Murray, President and CEO of ARAG. "When you have a Will, your property goes where you say it will go. Without one, assets will be distributed according to state laws. The amount invested in creating a Will is minimal compared to what you may give up by having the state decide for you."
If you have yet to write your Will, or it isn't up to date, then it is not too late. Talk to a lawyer today and take the first step towards putting your affairs in order.
If you are thinking of contesting, making or updating a Will, then it is important to seek expert legal advice as quickly as possible. Contact Szabo & Associates Solicitors today and speak with one of our specialist solicitors. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.