When should you think about making a will? For most Aussies, the idea is left behind since it is something reserved for the older generation. However, a will is a mandatory ingredient in enabling your wishes to be fulfilled and your family taken care of, despite your life stage or age.
What is a Will, and Why is it Important?
A will is a written statement that tells what you want to do with your possessions and who should take care of your business in the case of your death. A will gives your family clear instructions and prevents arguments over your estate. Besides the distribution of property, a will can assign guardians for children and make specific wishes regarding personal items or charitable gifts.
If you do not have an effective will, the Australian laws decide what happens to your property, and it may not be in your best interest or to your liking and benefit of your loved ones. Having a will is not only protecting your property; it’s also protecting the loved ones you will leave behind.
The Legal Age to Make a Will in Australia
As per Australian law, any individual over the age of 18 years is legally entitled to write a will, provided that they have the capacity of mind to understand its meaning. Exceptions apply for individuals who are younger but married or in the armed forces, though.
A proper will must be written, signed, and attested to according to Australian law so that it will hold in court. Employ a lawyer such as Dam Lawyers or online estate planning service so that there is no risk of legal complications.
When Should You Make a Will?
Though 18 is the legal age to write a will, the right time to write one is based more on your situation than your age. As a young adult with few assets, making a will may not be a priority. Yet, major life events typically require writing or revising one.
For example, purchasing your first home is a serious financial decision and typically is an estate-planning milestone. The beginning of a family is also a major trigger. Specifying guardians for your children in your will ensures that they are cared for by someone you trust if you are no longer around. Marriage or a long-term partnership may also change how you would want your estate to be managed.
Even if you’re older and don’t believe your net worth justifies it, a will becomes essential for making specific financial or personal requests, such as bequeathing sentimental items to loved ones.
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Why Take Action Now?
The benefits of a will far exceed the time it takes to have one drawn up. It is assurance, knowing that your wishes will be met, and your family provided for. Changing your will as you move forward ensures that it is current according to the fluid areas of life, like increasing assets or changing relationships.
Start by going to a qualified estate planning expert or lawyer to get your will into place (without mistakes!) now. Taking this small but significant step ensures that your wishes will guide decisions about your estate, no matter what the future holds.
