Rolf Howard Half Of Australians Don't Have A Will Interview

Rolf Howard Half Of Australians Don't Have A Will Interview

Though the vast majority of Australians know that having a Will is important, about half don't yet have one in place, according to a survey conducted by Owen Hodge Lawyers.

An overwhelming 97 per cent of survey respondents recognised that having a Will was important, yet only 52 per cent identified as having a Will.

A Will is a legal document which sets out who will receive your assets when you die.

For those without a Will the top three reasons identified for not yet having one in place included that respondents hadn't gotten around to it, believed they would sort it out when they were older or didn't think they had enough assets to make it worthwhile.

According to Rolf Howard, Managing Partner at Owen Hodge Lawyers, the survey results uncover many of the common misconceptions about why and when to make a Will.

'There's a deep-seated assumption that Will making is a process for the elderly, however, if you leave making a Will and preparing for the future until that point it is often too late."

'Unfortunately the reality of life is that we never know what's around the corner. If we don't prepare early, we can be robbed of the chance to have our wishes known and executed, and loved ones taken care of, should we pass away or become incapacitated."

Mr Howard goes on to suggest, 'Estate planning should in fact take place as children are born. Children are most vulnerable to the impacts of a Will not being in place when they are young."

"Owen Hodge Lawyers recommends including nominating a guardian to take care of children if both parents are to pass away, investing in life insurance and making a Will to the to-do-list when expecting children."

40 per cent of survey respondents admitted to having not nominated who would look after their children if they and their spouse were to pass away suddenly and 57 per cent didn't have life insurance.

Mr Howard says 'Making a Will need not be an intimidating process. With the right legal advice you can ensure your family will be protected and your wishes respected down the line."

Interview with Rolf Howard

Question: What is a Will?

Rolf Howard: A Will is a legal document which sets out who will receive your assets when you die. In a Will you can appoint a guardian for children under 18 and determine when and how assets or income from assets are distributed.

Question: What is the importance of a Will?

Rolf Howard: Having a Will in place ensures that your assets will be divided and financial plans carried out according to your wishes.

If you die without a Will things can become very complicated. Your estate will be divided according to a Government formula which won't necessarily reflect your wishes and which can cause additional delays and costs for your family.

If you have young children and die without a Will, surviving family members may choose a different home for the children than you would have preferred. Money or insurance from your estate may not be used for the children's benefit as you would like.


Question: Are you surprised that only 52% of those survived identified as having a Will?

Rolf Howard: Unfortunately I'm not surprised as it is common for people to procrastinate the Will-making process. I think the reason for this is often that people aren't really sure where to start and convince themselves that it's ok to put it off until they're older. In reality, by putting this process off, people become much more vulnerable should something unexpected happen.


Question: When do we need to begin thinking about a Will?

Rolf Howard: At Owen Hodge Lawyers we recommend that families make a Will when they first have children. This will ensure that children are protected should their parents pass away or become incapacitated. Children are most vulnerable to the impacts of a Will not being in place when they are young.

Making a Will is a form of risk management. The risk of a young parent dying is low but the effect if and when it does occasionally occur is catastrophic. Having a Will in place reduces a little bit some of the unfinished business. It also assists the surviving adult family by showing clearly your intentions.


Question: What important details and assess needed to be included in a Will?

Rolf Howard: Your assets such as insurance, superannuation, property, trusts, company assets, or any debts owed to you should be identified and allocated. You should identify who will be the guardian of your infant children should you and your partner pass away. Any specific wishes you have for your funeral should be outlined. You will also need to allocate an executor for your Will and what their powers will be.
In the case of children it is usually important that trusts are created in the Will so assets are not distributed in whole until they reach a suitable age. Income from the assets can be used for the child's benefit in the meantime.


Question: Can we write a Will without a legal representative?

Rolf Howard: Yes, there are DIY will kits available for people who want to create a Will themselves, but these can expose people to risk.

DIY Wills can end up being ambiguous which can lead to misinterpretation, challenges or even a determination that the Will is invalid.

NSW Trustee and Guardian recommends that people should seek legal advice when undertaking the Will-making process.


Question: What is the cost involved in creating a Will?

Rolf Howard: If you seek legal advice there will be costs for legal fees which will vary according to the practice.


Question: Is it possible that our Will could be fought by family members?

Rolf Howard: Yes, if the Will is considered to be invalid or is unclear. This is why getting legal advice is so important as it will limit the opportunity for family members to challenge the Will and reduce any uncertainty.

Part of the reason for leaving a Will is so that survivors understand your intentions and are bound by them. If there is ambiguity about your intentions there may be disputes. Due to the rising wealth of Australians and complexity of relationships, estate disputes are one of the fastest growing issues courts are now dealing with.


Question: How often should our Will be updated?
Rolf Howard: The main reason to prepare a Will is when you have a dependant. You should review your Will every time your financial or personal circumstances change such as if you have another child, get divorced or remarry. This will ensure your Will reflects your current circumstances and wishes. But it also makes sense to review your Will regularly to make sure it still works for you. I'd recommend every 3-4 years as a baseline.


Interview by Brooke Hunter