There are many reasons as to why a person may be interested in making a will, but in reality, most people tend to put it off indefinitely. If death happens without a properly prepared will, your assets and property will be split according to a pre-determined formula and may not be given to the people that you want to. In addition, it is the only legally binding document that ensures specific items that hold sentimental value gets passed on to specific people who have left a positive impact in your life.
At what age do I need a will?
There is no set age at which you should be setting up your will. Anyone who is over the age of 18 can do so, but it is dependent on your individual circumstance and is ultimately a personal decision. At Terry Johnson Legal, it is recommended that anyone who becomes financially independent consider getting one. However, most people are only prompted to write a will after experiencing the death of someone close. Writing yours early will give you a peace of mind knowing that your dependants and people close to you will get what you want them to receive after you pass away.
Can I prepare my own will?
Yes you can prepare your own. There are various do-it-yourself will kits available in the market that outlines will writing briefly. Unfortunately, most of them are not comprehensive and hence are unable to handle more complex circumstances such as taxation or superannuation. However, these kits can act as a valuable resource when you are just starting to draft your will, especially if you do not have legal training. A thorough research will help ensure that your family and loved ones are given what they deserve from your assets, instead of simply leave it to chance or the law of your state.
How often should I revise my will?
Some people choose to revise their will as they reach certain key milestones or key stages in life. Others will need to update theirs as and when they reach major events in their lives. You are your best assessor of when your will needs to be revised, but a general guideline is to do so when your circumstances change. These includes marriage, having children or grandchildren, death of a loved one, and when you acquire or sell assets.
Get legal advice for the best outcome
To ensure you have covered all grounds regarding your will, consider getting legal advice from a lawyer. A professionally written will ensures that precise wordings are used, and their meanings be held in the court of law. With an important document such as this, let Terry Johnson legal help you navigate through the complexities, protect your wishes and ensure they are recorded perfectly and carried out in future. Call (02) 6262 9376 or email your enquiries and get your first consultation free.