When is the right time to write a will?

A common misconception is that a person only needs a Will later in life or once substantial assets have been accumulated. In fact, it is prudent to have a Will in place from an early stage; in most jurisdictions, a Will can be validly made from the age of 18.

Having a Will is important because, if a person dies without one (i.e. dies intestate), the intestacy rules of the jurisdiction in which the death occurs will determine how that person’s estate is distributed.

Having a Will in place enables the person to decide who their executor will be and who will receive their assets when they pass away. It also makes distributing a person’s assets a quicker and less complicated process.

Executor

An executor is the person who you nominate to administer your assets per your Will. An executor has range of duties in making sure your estate is administered correctly, including, but not limited to, identifying assets, paying debts and managing any claims against the estate. An executor also decides what happens to your body once you pass away and organises the funeral or celebration of life.

It is important that once you have nominated your executor, that you discuss your wishes with them regarding these things, as although your instructions regarding your body and funeral arrangements may be drafted in the Will, they may not see the Will before these decisions have to be made.

You can nominate more than one executor, however, having too many executors can make administrating your estate more complicated.

Generally, an executor will seek legal assistance to administer your estate per your wishes, who can guide them through the process, including assisting applying for Probate if needed.

Assets and Beneficiaries

When making your Will, you are free to leave a gift to whomever you wish, including charities.

You can gift specific assets, such as jewellery, vehicles or shares. You can also gift the full estate to one person or split between many.

A gift can also be left to a minor, with an age nominated when they can receive the full gift.

It is important to receive advice on how you would like to distribute your assets under a Will, to ensure that your Will is drafted to have the desired effect.

Testamentary Guardians

A Will is especially important for young couples, whether they currently have children or plan to have children in the future. A Will enables a person to choose a testamentary guardian for their children, being the person who will care for the children if the Will maker and their spouse pass away whilst the children under the age of 18 years.

A person can even choose to be forward looking and nominate a testamentary guardian when they don’t yet have children. This ensures that someone is nominated if both parents pass away before they have the chance to update their Will.

Wills and Marriage

It is also very important to advise your solicitor if you and your partner may get married in the future. By drafting the Will in contemplation of marriage, it ensures your Will not be revoked if you get married.

There are many benefits for getting your affairs in order when you’re young, including choosing who receives a benefit under your Will, who will be your executor and even who will care for your children if you and your partner were to both pass away.

If you need assistance drafting or updating your estate documents, or with a deceased estate please contact our firm to make an appointment with one of our wills and estate lawyers on (02) 4944 3322.