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    When is it time to write a will?

    21/08/18 4:45 PM

    When you think of wills your mind is probably filled with the image of a sweet elderly couple.

    The perception of wills being synonymous with the elderly can make it confusing to know when is the right time to write your own will, especially when you might never consider yourself elderly.

    To know when you should write a will, let’s first understand wills.  

    What is a Will?

    A will is a document that sets out what you would like to happen to your assets when you pass away. These assets can include property, bank accounts, and jewellery. A will sets out your intentions for your assets and can include things like choosing guardians for your minor children and your burial or cremation preferences. The will appoints an Executor who is someone you know who is given the role of carrying out what directions are in the will.

    Why do you need a Will?

    If you do not have a will you will not be able to control who receives your assets. Your personal belongings and money could end up with people that you may not be happy with. Not only this, but if you pass away without a will, it becomes an onerous task for the person you would like to be the administrator of your assets to obtain access. Your next of kin will become the default administrator, and there are strict rules about who can and cannot apply to become the administrator.

    Having a will gives you peace of mind knowing that you have made all of the important decisions for yourself. Also, it makes things much easier for your loved ones at a time when things are already emotional and stressful. Having a will means that your loved ones know exactly what you want and are in a position to fulfil it.

    When should you write a Will?

    You should think about writing a will once you have turned 18. A will is beneficial for you at any stage of life – whether you are married, have children, are retired or still studying at university.

    If you have further questions please contact us at frank@franklaw.com.au

    This is not legal advice. 

    Naomi Webb

    Written by Naomi Webb