The Importance of Making A Will: A Guide for Anyone 18+

It’s time to talk about something crucial that often gets overlooked - making a will. I know, it might not be the most exciting topic, but trust me, it's one of the most important things you'll do in your life. And guess what? It's often more affordable than servicing your car!

Why Should Anyone 18+ Consider Making a Will?

Picture this - you've just turned 18, you're feeling independent, maybe got your own place, a car, and a job. Now, take a moment to think about what would happen to all your belongings if something unexpected were to occur.

The fact is the burden falls on someone else if you're not prepared.

None of us are immortal. Life can be unpredictable, and being prepared is a gift to your loved ones. If you're not here to decide who gets what, the burden falls on your family and friends. By creating a will, you take control and make sure your wishes are respected.

Informal Wills – A Word of Caution

For those of you who might think scribbling your wishes on a piece of paper is enough, it's not that simple. Informal wills can fail if they don't meet specific criteria. Simply jotting down your intentions might not hold up legally. It's crucial to document your wishes properly.

Assets, Marriage, and the Need for a Will

Are you married or thinking about it? Perhaps you've just bought a house, a significant asset. In these cases, having a will is not just a good idea; it's essential. Without one, the legal process becomes more complicated, involving things like the laws of Intestacy and Letters of Administration.

Think About Your Digital Life

If you're a young adult, you might be thinking, "I don't own much, so why bother with a will?" Well, think again. Your bank account, phone account, car, superannuation, and online accounts are all assets that need to be dealt with in the event of your death.

What Happens with Your House?

Owning a house is a big deal, and dealing with it after you're gone requires a grant of representation from the Supreme Court. With a will, the process (Probate) is streamlined. Without one, it becomes Letters of Administration, leading to confusion and potential disputes among family members.

If you pass away without a will, there's no document proving who has the authority to handle your affairs. This means your loved ones might need to apply to the court ASAP to sort things out.

Intestacy Hierarchy - Who Can Apply?

Without a will, there's an intestacy hierarchy determining who can apply to administer your estate. This can create confusion, especially when it comes to partners and parents. To avoid this, put a will in place to ensure your chosen person gets the authority.

And if you’re part of a blended family…it becomes even more crucial to have a legal will in place.

If you have a spouse and children from a previous relationship, not having a will can complicate matters. A well-drafted simple will, along with a death certificate, can efficiently handle small estates and keep administration costs down.

In conclusion, making a will is not just for the elderly or the wealthy. It's for everyone 18 and above who wants to ensure their wishes are respected, and the burden on their loved ones is minimised. So, take a moment to think about it, maybe over a cup of coffee, and consider making that will. Your future self and your loved ones will thank you for it.

Want to learn more about making a will? Contact us to chat about how simple the process can be.