Most of us know what the acronym or abbreviation WWW stands for, in today’s internet world it of course stands for the World Wide Web. I, however have another meaning for WWW – it means Women Without Wills. In recent months, I have been appalled to discover a number of mature businesswomen admitting that they do not have wills. With responses like “Never written one” or “never got around to it” or “haven’t given it any thought”. This attitude is a bit like a young man driving too fast, thinking he is invincible and ‘it couldn’t happen to me’. But every day of the week, young, cavalier men are dying at the wheel, with a show of bravado. The same applies to people whose homes are destroyed by fire but do not have insurance. Every day people take risks because the attitude ‘this simply couldn’t happen to me.’ The Sydney Morning Herald published an article highlighting the need and value in having a will: “You may not consider yourself rich, but no matter where you believe you stand on the socio-economic ladder, you always need a will.” Be careful not to undervalue your true wealth, or what you might be worth within a relatively short time. Suburban Australia is nowadays a vast residential land bank, and recent changes in superannuation investment laws have massively increased our net wealth.
And remember, a will is much, much more than the mere transfer of an inventory of assets. It is a legal document that allows you to:
- choose who will receive your belongings and assets after you die
- avoid family squabbles about your estate;
- choose who will be responsible for managing your estate (i.e. your Executor);
- decide who will be appointed a guardian to look after your children until they can take care of themselves;
- provide for children from a previous relationship;
- provide for a de facto or same sex partner who may not automatically be entitled to your estate;
- exclude a beneficiary who would otherwise get part of your estate;
- leave charitable gifts;
- appoint a trustee for the money and assets you leave to minor children (or other loved ones who cannot control their funds);
- take care of the needs of disabled loved ones;
- avoid needless taxes;
- take control of your own decision-making and publicly declare your values and wishes;
- tell your Executor what you want for your funeral;
- make decisions about organ donation and medical research;
- deal with the vexed issues of former partners/spouses and blended families.
There has been a lot of advertising and publicity about ‘do it yourself wills,’ however although these are probably better than no will at all, there are still issues which can cause your beneficiaries problems. In another Sydney Morning Herald article, the following was stated:
CEO of NSW Government Department of Trustees and Guardians, Imelda Dodds, stated that her department is now spending an inordinate amount of time sorting out ‘DIY’ wills. “The growing use of DIY will kits, now more readily available online, is causing concern at a time when the relatively wealthy baby boomer generation start to pass on their assets, or what’s left of them. She said, ‘We are seeing a rise in the work to unravel the issues with DIY wills following the increase of will kits and forms available online and through various outlets,’ the chief executive of the NSW Trustee & Guardian (NSWTG), Imelda Dodds, wrote in a recent newsletter. ‘Unfortunately this has meant NSWTG is required to sort out wills that are ambiguous, can be misinterpreted and therefore challenged, or are not valid and able to be executed. We actively encourage all adults to make provision for their future; we also say it is very important to take professional advice,’ Dodds says.”
It is about being realistic, not negative about your future. From personal experience, I have seen one friend left with just the money in her purse when her husband died suddenly and unexpectedly, without a will. She had no access to bank accounts and had no idea of their joint assets or liabilities. Not only was she left with the devastation and loss of her lifelong partner, she was left with no visible means of support. I cannot imagine how this would have felt for her.
- In another case, a woman with substantial assets and 3 grown up children did not have a will. She had no understanding that should she die suddenly, unexpectedly, that the complications and difficulties her children would face would be enormous.
- In yet another case, a woman who has no children and on the surface, no assets but had a substantial amount in super, had no will. It had never occurred to her that her superannuation was an asset that could benefit someone upon her death.
Why is it that so many women and maybe men do not consider the consequences of their unexpected death? I have a large network of female friends, and it just seems to me that some women do not seem to be taking responsibility for a fundamental truth in their lives, that they will die and they need to protect their assets and their children, instead of leaving a mess for someone else to sort out. As Benjamin Franklin said “but in the world, nothing can be said to be certain except death and taxes.” The Boy Scouts message of “Be prepared” is very true in this case. Women of all ages should be encouraged to make a will. But this should not be focused on women alone. Personally, we should not so much declare war, but encourage, entice, induce, cajole and even plead with women to make a will. Guys this affects you too. My pledge is to try and make women aware of the importance of making a will – “Girls, Bebrite and make a will”.
