1.         My children will go to their godparents when I die. 

This is not true.  The only way to create certainty about who will look after your children in the event that both you and your spouse pass is to make a will and appoint testamentary guardians.

2.         My estate will just go to my spouse when I die. 

This is not true.  When you pass away then the Succession Act will determine the manner in which your estate is divided.  Your estate will be divided between your spouse and your children in varying proportions which can create significant issues especially with the family home.

3.         I don’t really own anything so I don’t have anything to leave anyone. 

This is not true.  Anyone with superannuation ordinarily has a life insurance component attached to it.  That life insurance component is often significant and needs to be dealt with either by way of a binding death benefit nomination and/or by a will.  People who don’t think they have anything often have at least $100,000 or more in life insurance payable through their superannuation fund as a result of their passing.

4.         If I make a will, my children might inherit my debt. 

This is not true.  Nobody can inherit your debt.  While your estate might be insolvent, your children will not inherit it if you make a will.

5.         I should get funeral insurance.

In our opinion at least funeral insurance is not required and often times does little more than assist the provider of the insurance.  Funeral insurance is not often able to be accessed until such time as the death certificate is issued.  Practically a death certificate is not issued until at least a week after the funeral has taken place.  In some cases, funeral insurance is not available until such time as the will has been proven in the court and a grant of probate has been obtained.  This process can take a number of months.  Banks and credit unions will pay the invoice for the funeral from the deceased person’s bank account upon production of the invoice from the undertaker.