Not a lot of people realise or appreciate the importance of having a will, especially if they feel that they have nothing to bequeath their loved ones. But even if there is only that one property that you own, it can be a source of dissension within the family if there is no will written pertaining to it.
There will always be a question of:
- Who should be its sole owner?
- Should it be liquidated and then properly divided among family members?
- How will the estate be divided between spouse and children?
- What happens if there are stepchildren or half siblings?
These questions and more are just the tip of the iceberg, so to speak. This is because a lot of things could arise after your passing, and your will can help provide solutions for possible problems before they happen.
But what is a will exactly?
It is a written document that outlines what you want to happen to your property or estate after you die. Think of it as a list of instructions to be given to the person or organisation that will distribute your estate.
Anyone can make a will, provided that they are over 18 years old, and have the mental capacity to understand what they’re doing. Anyone under 18 can only make a will if they’re married or has a court order that gives them the authority to make a will. The rules, however, vary from one state to another. It is highly recommended that you verify with experts or with a company specialising in probate law.
What if you die without a will or it was not validated?
Apart from possible arguments and conflicts surviving relatives would have to face, there is a possibility that the law will decide who gets your assets. Again, depending on the rules within a particular state. In Victoria, for example, the law will make the decision on your behalf and it is applied to everyone. In New South Wales, on the other hand, if you die intestate, a predetermined formula will be used in dividing your assets, which could cause unnecessary financial burden on your loved ones.
What are the requirements in making a will?
For the will to be considered valid, it has to meet specific requirements. The rules may vary from one state to another, but the most common are:
- You have to be of legal age, which could be 18 or 21 depending on the state
- You have to be of sound mind
- The will should be written down
- It must be willingly signed in front of witnesses, to avoid questions of whether or not you were coerced into signing it
- It must include a statement confirming that your will is properly executed and signed at a particular date and place
If any of the requirements above are not met, your will is considered invalid.
Do I need a lawyer to write a will?
These days, you can easily download or buy a DIY will kit, but a lot of experts strongly advise against preparing your own will. This is because precise wording of a will is specialised and must conform to strict legal requirements. So seek professional advice and help. Doing so is also one way to ensure there is little reason to contest your will.
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