There is a very simple answer to this question: because the short time it takes you to make a Will could save your family hours of work, associated cost and lengthy delays. Here’s why:
- If there is dispute over who should receive the superannuation, it can help to give a copy of the Will to the superannuation trustee. The issue may be resolved more speedily as the Will gives the trustee clear notice of your wishes.
- Sometimes the superannuation trustee will decide to pay the money to the estate of the deceased. If there is no Will, your family members may be forced to apply to a Court for letters of administration just to claim the superannuation.
- There can be life insurance policies taken out and paid as part of a superannuation policy. There may be conditions upon payment under that policy. For example, in some situations before payment is made medical records may be required to establish cause of death. It is much easier for your executor to use your Will to obtain access to what is needed than to apply first for letters of administration and then to obtain those records.
- Finally, if your spouse dies with you or soon after you, then other family members may be claiming your superannuation. The superannuation trustee will want to consider who may be financially dependant upon you. A clear, simple Will makes it clear who you believe that you have an obligation to provide for and can assist your family members
If you would like to make a Will, please get in touch with one of our offices to make an appointment.
MORGAN COUZENS LEGAL
For other reasons why a Will is important regardless of the assets you have, please refer to our blog here:
Answering the most common myth about Wills – “I don’t have enough to make a Will”
