The importance of a Will in Today's Australia
27 January 2023
As we reflect on the diversity celebrated on Australia Day, it is important to note that our society is becoming increasingly diverse in terms of family and living arrangements. From blended families to same-sex couples, to single parent households, the traditional nuclear family is no longer the norm.
It is vital that individuals take the time to consider how they would like their assets to be distributed in the event of their passing, rather than relying on the distribution arrangements under relevant laws, which may not reflect their unique circumstances.
A Will allows individuals to do all they can for their assets go to those they care about, rather than being distributed according to Queensland legislation known as the Succession Act 1981.
As our society becomes more diverse, it is important for individuals to have a Will that reflects their unique family and living arrangements.
By creating a Will, individuals can have peace of mind knowing their wishes about how their assets should be distributed are known.
For example, a Will can request that a step-parent's assets are passed on to their step-children, or that our estate is distributed to our loved ones in the proportions that we want. Without a Will, these assets may be distributed according to a set formula, which may not reflect the individual's wishes or unique family circumstances.
If you haven't already, we encourage you to consider creating a Will and seek the advice of lawyers or the Public Trustee for more information.
It is important for everyone, regardless of their family or living arrangements, to have a Will that reflects their wishes and provides for their loved ones or offers support to their favourite charity.
Samay Zhouand, CEO and Public Trustee of Queensland.