Why Should I Draft a Will?
Making a Will can and should be for everyone as it not only gives you full control over how your assets are distributed after your death, but also how your children are to be cared for should you pass on suddenly. What’s more, you can now draft a Will for less than $100 with WillCraft!
Here are 5 reasons why you should make a Will!
You have control over how your assets are distributed If you pass on without a Will, the Intestate Succession Act will determine how your assets are to be distributed. This means that you will have no control over the allocation process and certain loved ones whom you wish to provide for may not be beneficiaries of your estate. Having a Will means that you have complete control over how your assets are to be distributed.
For example, Janet, who is 30 this year and married with a young child, has been financially supporting her aged parents and wishes to provide for them should anything happen to her and they outlive her. Under the Intestate Succession Act, her spouse will receive half of her estate while her child will receive the other half. If Janet wishes to provide for her parents, she should draft a Will so that she can choose to leave a portion of her estate to her parents.
Janet and her husband may also make Mirror Wills if they hold assets such as their home jointly. Mirror Wills allow Janet and her husband to leave their home to their child no matter which parent passes on first. Where a property is held jointly, the rule of survivorship states that the surviving owner(s) shall inherit the deceased’s share of the property. If Janet passes first having made a Mirror Will, the property will be owned solely by her husband, who will then pass the property to the child on his death.
- You can make provisions for your underaged children It’s only natural for parents to worry about their children. Plenty of parents worry about what will happen to their children if they pass on suddenly? In your Will, you can make provisions for such a scenario by appointing a guardian to care for your children should you suddenly pass on. This person can act jointly with your surviving spouse if he or she does not object and will care for your children until they turn 21. You should, of course, sound the person out before appointing him or her as a guardian.
You can set out your wishes with respect to funeral rites In your Will, you may also state your wishes relating to your last rites, such as the type of funeral you wish to have, the location of your funeral as well as the total duration. You may also state your wishes with respect to the handling of your ashes, such as whether you would prefer them to be kept in a columbarium or scattered in the sea.
You can simplify the administration process for your estate If you pass on without a Will, the process for distributing your assets is different from if you had a will. If you don’t have a Will, your next-of-kin needs to apply to the courts for a Grant of Letters of Administration (instead of a Grant of Probate). This process is lengthier and more expensive than if you had a Will. The process sometimes can take up to a year or more! A longer process is more stressful for your loved ones as your assets would likely be frozen during the application process and this would be especially difficult if your income and savings is necessary to support your dependants.
You can do it from the comfort of your own home affordably WillCraft is an online Will drafting platform which simplifies and guides you through the Will drafting process from only $49  WillCraft allows you to do all of the above, and will create a customised Will for you based on your input.
If you have all the information on hand, you only need 30 minutes to draft your Will and you can even save your work and come back later. This means that you can now have your Will drafted from the comfort of your own home and you don’t even have to complete the process in one sitting.
What’s more, WillCraft also gives you the option of having your Will reviewed by a lawyer and witnessed by 2 lawyers for a flat fee of $79  if you desire that extra peace of mind. Click here for more on what WillCraft has to offer.
What are you waiting for, start drafting with WillCraft today!
 This excludes GST and third party transaction fees.  This excludes GST and third party transaction fees.