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Do I Need Making a Wills?

What Is A Wills?

A Wills is a legal document that clearly states your wishes for how your property should be distributed in the event of your death, as well as the person or organization you wish to be called.

A Wills is one of the most important legal documents you will ever sign; as it ensures that your property goes to the people you want, such as your family or friends. Without one, your wealth can be divided according to a government formula, which may not reflect your wishes and may cause pain and hardship for your loved ones.

Several Types of Wills Including the Following:

Self-Provenance, Testamentary Wills: A document formally prepared in the presence of a witness. This type of desire is the traditional type and most people are familiar with it.

Holographic Wills: These wills are written without the presence of a witness, and are rarely held in court because of this.

Oral Wills: These are testimonials given before witnesses, and are not widely recognized even from a legal standpoint.

Living Wills: Determines your wishes for medical care in terms of life support, and has nothing to do with the distribution of assets.

You Should Keep The Following Points In Mind When Making A Wills:

  • Who you are, with abundant information to clearly identify yourself
  • Name of your executor
  • Give clear and concise instructions on how your property should be distributed
  • Details of the person you want to leave your property
  • Any funeral you wish
  • A parent's name to look after any young children
Making A Wills

How Do You Do One?

The process of Making A Wills in Australia can vary from state to state - you can find the appropriate link for trustees of your state on the ASIC's page.

In most cases, it is recommended that you make an appointment with an administrator or private attorney, who will guide you through the process, usually for a fee. You can also use Will Kits from Australia Post or various websites, but ASIC recommends using it as a lawyer, a Wills can be held invalid if it is not properly signed or witnessed properly.

When Should You Making A Wills?

There is really no set time or age that you should Making A Wills, as it depends on your personal circumstances. You are allowed to be legally binding at any time after the age of 18, and there are several major stages in a person's life that may cause them to consider Making A Wills.

The first stage of Making A Wills by some people is when they become financially independent of their parents. If an unmarried person dies, their property will go to their parents or other living relatives. However, after attaining financial independence you may have other ideas.

The next stage that usually causes a desire to be considered is marriage. It has less to do with age and more from the fact that you now have someone who can depend on you and struggle in the event of your death. Marriage is also a time when you are likely to share property, such as a house, with someone.

Children often have a trigger for people Making A Wills, because there are two main concerns that you should die, who will take care of them after you leave, and what assets will be available for their welfare. A Wills allow you to address both these issues.

The fourth stage in a person's life that causes the writing of will is terminal illness and / or old age.
As previously stated, there is no set time for Making A Wills, although it is believed by many that you should write one as soon as possible and update accordingly, as there is no way to tell when you die.

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