When should I make a Will?
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Now. You should make a Will now.
By now, I do not mean pulling out a blank sheet of paper and starting to pen “being of sound mind I hereby make my Last Will and Testament….”
There are things that you need to consider carefully before you make a Will including:-
• what assets do I own?
• what assets do I control but not own?
• who should be in my thoughts when making a Will?
• who are my family members and who are my dependants?
• do I want certain items to go to particular people?
• who will administer my estate and ensure that my wishes are carried out – not merely to the letter but also in spirit?
• what are the consequences of me making a Will in the terms that I would want?
• what do I want done with my body after I die – burial/cremation/funeral service?
These things and more need to be considered by you before preparing a Will.
Additionally there are strict formalities to be followed when preparing a Will if it is to be valid. It is very risky to simply write “all to Mum”, sign your name and expect that this wish shall be carried out.
But what I do mean by “now” is to immediately commence action to put a valid Will in place which reflects your wishes. This starts by thinking about the above items and taking action to prepare a Will.
Once you decide that it is important to have a valid Will – and it is – then you can achieve that within a short space of time – weeks at the most.
In Queensland you must be 18 years of age to make a valid Will unless you are married or intending to get married.
Additionally, the Court may authorise a person less than 18 years of age to make a Will in terms stated by the Court if the Court is satisfied that the person understands the nature and effect of the proposed Will and that it is reasonable for the Will to be made.
A Court may also make a Will or alter an existing Will of a person who does not have testamentary capacity in limited circumstances. Application must be made to the Court for such an Order.
You would be amazed at the number of people who I speak to who are loving and considerate partners, spouses or parents and who have been intending to make a Will for a long period of time but have not. Often for years.
Face it. It is an unavoidable fact. We are mortal.
Make a Will NOW.
Then move on with your life.
Please contact MMLaw for all your estate planning needs.
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The content published in this Blog is in the form of academic papers and the opinions expressed herein are generalised. The information provided is for educational purposes, not specific legal advice.
The application of any principles referred to can alter from case to case and accordingly you should seek independent legal advice in respect of your individual circumstances.