Have you reached a point in your life where you have started to ask the question: ‘Do I Need a Will?’

Introduction

At any stage in your life, you may need a Will, regardless of your age. To ensure peace of mind and a greater level of certainty surrounding the division of your assets after your death, the making of a valid Will is something which is highly recommended.

Who can make a Will and should everyone make one?

Under the Wills Act 1997, anyone who is over the age of 18 years old and possesses proper capacity can make a Will. However, there are limited circumstances in which a person under the age of 18 years can make a Will.

Not everyone makes a valid Will during their lifetime. For those who opt not to make a Will, their estate is distributed in accordance with the strict laws of intestacy (where a person dies without a Will). When assets are collected and distributed according to the predetermined rules of intestacy, it is not uncommon for some family members and close friends to receive nothing, often adding to the stress of an already difficult time for your loved ones.

How do I make a Will?

Wills can take many forms. However, if not correctly completed, they have the potential to cause problems which may actually lengthen the process, leaving your beneficiaries worse off in the long term.

For this reason, it is advisable to consult with an experienced legal practitioner when making a Will. They can provide assistance to minimise risks that may eventuate and can provide clarity regarding complex areas, such as co-ownership of assets and tax minimisation.

The cost of drafting Wills varies, depending on the complexity of your personal and financial circumstances. It is important to remember, however, that the cost of having your Will expertly prepared is far less than the potential financial and emotional cost to your beneficiaries of you not having a valid Will.

Do I still need a Will if I have minimal assets?

Yes, as a Will not only provides certainty in terms of your financial assets but can also guide your executors as to your wishes surrounding non-financial matters, such as the guardianship of your children, as well as preferred funeral and organ donation arrangements.

Can I change or update my Will if my circumstances change?

You may update your Will and/or revoke your previous Will at any time, provided you still possess proper capacity. To avoid confusion, it is advisable to seek legal advice when updating or revoking your Will to avoid any possible issues after your death.

Does getting married or divorced affect my Will?

In Victoria, when you marry or divorce, the validity of your Will may be affected. If either of these events occur, it is recommended you seek professional legal advice so that you have someone to guide you through these complex legal issues.

How can Sharrock Pitman Legal help?

A Will is always a timely and worthwhile investment. It provides you with peace of mind and certainty that your wishes will be respected and that your assets will be divided between your beneficiaries as you have intended. If you require assistance in making a new Will or updating an old Will, please feel free to call our Accredited Specialist Wills and Estates Law team on 1300 205 506 or fill in the form below.

The information contained in this article is intended to be of a general nature only and should not be relied upon as legal advice. Any legal matters should be discussed specifically with one of our lawyers.

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