Myths about your last Will
Last Will is an estate planning instrument to navigate your estate as per your wishes. However, there are common myths about the Will, which may cause your Will to be invalid or lead to a complex estate administration process when someone passes away.
Here are some common myths about Wills & the reality you should be aware of:
1. I’m too young to need a Will.
Reality: It’s never too early to have a Will, especially if you have assets or dependents. Life is uncertain at all.
2. Only rich people need Wills.
Reality: Wills are for anyone with assets, regardless of wealth.
3. If I die without a Will, my spouse/children inherit everything.
Reality: laws can vary based on where your assets are located at and inheritance could be disputed without a valid Will. Having a Will is a responsible act to protect your dependents.
If you have foreign assets, consult a professional who is qualified in both jurisdictions to draft your Will or other estate planning instruments.
4. I can DIY my Will.
Reality: You must ensure the Will meets legal requirements, reducing the risk of challenges or invalidation. Therefore, it is a wise idea to obtain proper professional advice to draft or update your Will.
5. My Will covers all assets.
Reality: Some assets (like life insurance/Super) pass outside of a Will. You must seek professional advice to navigate them according to your desire, subject to the applicable law.
6. Once a Will is written, it’s set in stone.
Reality: Wills must be updated or changed as circumstances evolve.
7. I can have two Wills for different jurisdictions
Reality: If you execute another Will, in a different jurisdiction your previous Will become invalid /void unless both Wills drafted as concurrent Wills. We highly recommend seeking professional advice from a lawyer who is qualified in both jurisdictions. Because Estate administration laws may be different in each jurisdiction.
Estate planning is a responsible act that protects your assets and loved ones. We encourage everyone to seek professional advice at the appropriate time.
Please feel free to contact us for more information and queries, so we can assist you with our expertise in both jurisdictions of Australia and Sri Lanka.
