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Why Any Homeowner Needs a Will

by Chris Lang on June 11, 2013

I Will Week 2013

The reason why any homeowner needs a Will is simple: for most of us our house is our biggest asset, we put a lot of work into paying off our mortgages, and we’re all mortal here. Doesn’t it make sense we take care of our loved ones’ financial security now, while we still have a say in it?

Yet 36% of first time home buyers don’t have a Will prepared, according to a survey conducted by State Trustees, a company owned by the State of Victoria. I was no different: until just a few weeks ago I, too, didn’t have a Will (even though I knew I should!) – but after actually going through the process of preparing a Will and having seen how easy it can be, I’d like to help you achieve the same. Personally I find this quite amazing – I procrastinated for 3 years before getting this done in one day.

Anyone whose situation is uncomplicated can use a DIY Legal Will Kit to create their Will. All you’ll need to do is download the Will Kit here, print a simple 4-page Will template, read the Will Planning Guide and simply fill in the blanks. The will you’re writing will be just as legal as if a lawyer prepared it for you.

After downloading the Will Kit the first thing I did was read the Will Planning Guide. Don’t try to cut corners and go straight to writing the Will, the time you invest in reading the guide is time well spent. There are a few legal terms that you need to know about to fill in the blanks, a process of remembering all your assets and possessions you’ve got to go through, and the Will Planning Guide will help you do everything right. There’s also a sample Will that I found very helpful, as I was able to copy sentences that applied to my own situation. If you get stuck in the process – don’t worry, you’re not alone; State Trustees have a helpline you can call and ask any questions about preparing your Will.

After that initial reading and thinking, writing my Will was just a matter of filling in the blanks, and then finding two people who can witness my signature on the document. It wasn’t hard since I had a good understanding of what I was doing, and it also didn’t take long. One last thing – remember to let someone know where you are keeping your Will :) You may choose whether or not to use the Will Bank Service, but in any case make sure the Will can be found after, you know…

You can read more about why I wrote my Will, and why I think that You should too in my interview to State Trustees published on their website.

The upcoming I Will Week (17-23 June 2013) is a great opportunity to have your Will prepared with minimal effort – and to make sure that people or things you love are protected with a good legal Will.

As part of I Will Week 2013, State Trustees is offering Victorians a special one-off deal for those who sign up their first Will with State Trustees. State Trustees is pleased to offer 30% off the standard price of preparing a consultative Will. Conditions apply to the 30 per cent discount offer, so please refer to the full terms and conditions which are available at www.iwillweek.com.au. Alternatively, if you think a State Trustees Legal Will Kit is for you, purchase your Will Kit during I Will Week and State Trustees will store your Will in The Victorian Will Bank for free: a safe and secure storage to keep your Will. In other states please contact your local public trustee to see what Will services are available.

But wait… it gets better – 3 lucky winners will get a free DIY Legal Will Kit, each valued at $29.99.

To win leave a comment on this post, or on our Facebook page and say what, or who matters the most in your life, that you want to protect with a Will. It can be a thing or a person, or both.

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{ 2 comments… read them below or add one }

Brian June 11, 2013 at 6:11 pm

Its not just getting a will. Its also getting it out every 2-3 years and checking its still relevant.

We are each on our fourth Will and currently looking at making Will No 5

I have also specified the music for my funeral, I’m having “Always Looking On The Bright Side” : )

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Chris June 11, 2013 at 10:02 pm

LOL :) but yes, you’re ight, circumstances change and the will needs to be kept up to date.

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