If you are heading off for an overseas adventure or going on a posting for work you should have your passport and travel insurance ready to go and your Will made.
That’s right, you should make a Will before you go.
Most of us would never travel overseas without taking out travel insurance – making a Will before you leave is the exact same idea.
We take out travel insurance because it’s relatively cheap compared to what it might cost if you don’t. Overseas hospitals can be expensive and the Australian Government won’t pay your hospital bills for you.
Likewise, making a Will before you go is relatively easy compared to someone finding a suitable Court appointed administrator if you die without a Will.
The administrator’s duties involve collecting in your assets and distributing them after paying any debts and taxes. Your assets will be distributed according to a formula with certain family members receiving a defined percentage of your assets despite what you may have wanted to give them.
A Will also provides the opportunity for you to nominate a guardian if you have children.
Every year almost 1,000 Australian travellers die overseas, usually through illness or accident. Although we don’t know how many of these people have made a Will, we do know that only 55% of all Australians are reported to have made a valid Will.
Making a Will is not a daunting process. Most people make an enduring power of attorney at the same time. People often talk about the peace of mind they have following the making of a Will.
After you’ve taken out your travel insurance, please make a Will and let your contact person back home know that you’ve made a Will.
The information in this document represents general information, and should not be relied for your specific circumstances. If you require legal advice and assistance on the matters contained or associated in this document you should contact Trinity Law. Subject to the limits of the law, Trinity Law disclaims any liability on persons relying on this document.