This is a YouTube video titled "Wills and Estate Planning" containing a monologue from July 5, 2017, discussing the importance of having a will, the consequences of not having one, and practical advice on how to create a legally binding will in Australia. The speaker explains options ranging from will kits to solicitors to ensure family protection in case of death.
You and I both know how important it is to have a will in place, but very few of us do because it's just not one of those things at the top of our priority list. It's important, but not urgent. The ramifications of not having a will are phenomenal. For example, Prince just died there hundreds of millions of dollars in his estate. He didn't have a will and as a result, it's now all gone to the government and will be in probate and they would then decide who gets what and when. A horrific decision for the family. And obviously Prince never thought that he was dying that young and therefore didn't put his affairs in place. So very important to get a will done. You can get these done at an Australian post office or news agency. They have will kits. These are about $30. They're legally binding. They need to be witnessed by an individual sort of third party over the age of 18. But they stand up in court, or you can sit down with a solicitor or a lawyer who can actually draft up a will with you. That's going to cost you around about $500 or $600. Both of those options are great. But the most important thing is just investing your time so that your family is going to be taken care of in the event of an unfortunate death.
