Hi everyone and welcome to today's episode of the Stacey M Show. So today we are talking about something that most of us avoid like the plague and that is wills. People don't seem to like talking about death and it's something that I really want to normalise because obviously I've seen the debate what can happen when these things aren't put in place. So also know what you're thinking. It's probably, Stacey, I'm young, I'm healthy, I don't own much, I don't need one. Why do you think that I need one? Or maybe you're thinking that it's just for rich people with fancy estates and a shit ton of money. Well, buckle up because I'm about to shout out some myths that could literally cost you and your loved ones everything. So what I see too often in my legal practice and other legal practices, because, you know, we all keep in touch and we all do our compulsory legal education. So there's stories that we hear from other people as well. But it's families who thought they had everything sorted only to discover that without a will, the law decides who gets what. So ex-partners can potentially claim assets on your estate, children whose futures end up in the hands of lawyers and the courts. things going to people that you might not want people to have. Super, that's a, you know, something else that pops up. So families that think they're going to get super annuation payouts would be automatic. And, you know, sometimes that they're not. So nothing is unfortunately guaranteed. So this isn't a scare tactic. This is Australian law. And unfortunately, it happens more often than what you think. So today I'm going to bust some common myths that I have heard over the years. So one of them is I'm too young to need a will. So here's the truth bomb. There is no age requirement for tragedy. I know this sounds really morbid, but I really do want to normalise talking about death. So in Australia, anyone over the age of eight can make a will. And honestly, anyone over the age of eighteen should really consider making that will. The moment you have anything of value, I'm talking about your phone, your car, your super, that little bit of money that's in your bank account, you need to think about what will happen to it in the event that you pass away. So myth number two, I don't have enough assets to worry about. This one kills me because you might think that you're asset poor, but let's do some quick maths. So your super balance, your car, your personal belongings, maybe some shares, that tax refund that you might be expecting, everything adds up and you probably have more than what you think. Then you have digital assets, your social media accounts, photos, if you're dabbling in crypto without a will, accessing these things becomes a total nightmare for your loved ones. So myth number three, that is two fingers. That is myth number three. If you're watching the video, I just hit up two fingers for three. Everything will go to my spouse and kids automatically. No. Sometimes it's not that simple. So in Australia, if you die without a will, that is called dying intestate. And it comes down to the law to determine who gets what. And the law might not make the same choices that you would. So if you're married with kids, your spouse doesn't automatically get everything. If you're in a de facto relationship, it can get even more complicated. And if you're single, your assets could go to relatives who you haven't spoken to in years. Myth number four, wills are expensive and complicated. Sorry, Jim, I'm just catching up because I spoke too quick. Look, I get it. The Lego world can feel intimidating and expensive, but here's the reality. A basic will in Australia can cost anywhere from a few hundred to a few thousand dollars. I need to just point out here that not every will is a basic will either. So a lot of the time, something more than a basic will is required. But you compare that cost to the tens of thousands your family might spend on legal fees. Try to sort out your affairs without one. It's like insurance. Pay a little now to save a lot later. I can't even tell you the amount of legal fees that can go into a contested estate. So for a couple of grand, well and truly worth it. Fifth number five, I can write it myself. You know what? Yeah, you can. Technically, you can write your own will within Australia. But here's what I see in my practice and other people's practices. DIY wills that aren't properly witnessed, that use unclear language, or they don't account for all scenarios, end up being contested. And this is pretty common. These often end up... Sorry. These often end up costing families more in disputes than a properly drafted will would have cost in the first place. Don't chat GPT your will. Don't have a crack at it. Please make sure you seek legal advice. So making a will, isn't about being morbid or pessimistic. It's about being responsible and loving. It's about you making sure that if something happens to you, your loved ones are protected and not left fighting over your affairs or dealing with some bureaucratic nightmares while they are grieving. And here's something most people don't think about. A will isn't just about money and assets. It's also about who looks after your kids if you can't. It can also be about your funeral wishes. It's about that family heirloom you want to go to a specific person. So we have gun collections, car collections, tooling collections. There are so many different things that we have mentioned in wills because they have been handed down from generations. it's really about making your final act at one out of care and consideration so what actually is a will simple port it's a legal document that says what happens to your stuff and your responsibilities when you die in australia for a will to be valid you need to be over the age of eighteen of sound mind and the will needs to be properly signed and witnessed Your will should cover who gets your assets, who is the executor, that's the person who carries out your wishes together with the lawyer administering your estate. If you have kids under the age of eighteen, who becomes their guardian. It also includes your funeral wishes and any specific gifts that you may want to make. Now, usually someone will probably get your will after you have been buried. But when we take our instructions, we like to know as much as possible because it's not uncommon for us to get a phone call saying such and such has passed away. Do you happen to know what the wishes are? And people are stressing over whether someone wants to be buried or cremated is a thing. So please make sure you have told people everything that you possibly can about what you would like about your funeral. So what should you do right now? First, please stop making excuses. Second, start thinking about what you actually own, your super, your car, personal belongings, any property, any digital assets, anything at all. Third, think about who you'd want to benefit from these things. Then my suggestion is that you book an appointment with us or your current lawyer who specializes in wills and estates. Yes, it might cost you a few hundred to a few thousand dollars, but it could literally save your family thousands and thousands of dollars and months of heartache. So I know this isn't the most exciting topic, but it is one of the most important conversations you can have. Your will is your final gift to your loved ones, the gift of clarity, protection and peace of mind. Please don't let myths and procrastination put your family at risk. Please take action today because tomorrow is not guaranteed for any of us. If you found this episode helpful, please share it with somebody who needs to hear it. Christmas is only a few months away. So if this is on your to-do list, please make sure you sort it sooner rather than later. A lot of legal practices close over the Christmas period and then they even stop taking instructions up to a certain point. which is exactly what we do. And it is common for us to have the same clients call year after year wanting to make that appointment and we are closed. Yes, it still happens. So please don't be that person. But until next time, this is Stacey Manzenberger reminding you that knowledge is power, but only if it's used correctly. Catch you next time.
