The thought of a will may be daunting, but writing one doesn’t equate to near future death. I’m sure we can agree that life throws many unexpected things in our path. Therefore, having a will is an excellent way to take responsibility of your belongings and to ensure your family is cared for.
Who Can Make a Will?
In NSW, anyone above the age of 18 can create a will. In exceptional circumstances, a minor (person under 18) can make a will if contemplating a marriage, is married, or has been approved by the court under Section 16 of the Succession Act 2006.
Capacity
In order to make a will, the writer must have “testamentary capacity”. Although this sounds elaborate, it’s simply a legal term that defines someone as mentally sound to understand the complexities of a will. In other words, they are aware of the will’s significance and what is outlined in the contents. This includes the amount of property they are distributing and to whom.
Therefore, it’s important to create a will as soon as you turn 18 because you’re at a prime age to understand what your assets are, and who you value. Will it Your Way is an excellent non-profit organisation with a passion and vision of influencing young people to create wills. The organisation was founded when the founder’s son unexpectedly passed while working at a construction site.
He was 18 and did not have a will. Many issues arose from this, including an extensive court battle between his family and his partner he was seeing at the time. Hence, the organisation was founded to prevent similar circumstances from happening to other families.
In contrast, writing a will at a later stage in life, can lead to lack of capacity if the person is too sick or old to understand a will. If the content of a will is questionable, a will can be challenged.
What Are My Assets?
In a will, your assets are also known as your estate. Your estate may include personal belongings such as your:
- jewellery
- car
- clothes
- social media accounts
- house
- bank accounts
- investments.
Is a Lawyer Necessary?
There are no formal requirements or a strict template on how a will is to be written. However, the formalities arise when validating it, and are outlined in section 6 of the Succession Act 2006. Such requirements include witnesses and signatures. Due to this formal process, it is recommended that you seek legal advice from an estate planning lawyer. However, if online is most convenient for you, we also provide an online will kit.
What’s Stopping You?
When turning 18, you naturally register to vote and consider donating your organs. Writing a will should be no different. If you die without a will, your belongings are distributed by the government, and even an ex-partner can claim your assets. While you have control over your belongings, write a will before it’s too late.
Unsure where to start? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest legal marketplace.
