Writing your last will is important even if you don’t have a lot of money, properties, or assets to bequeath to your family and friends. Not only does it steers your loved ones away from arguing about certain matters, but it also allows you to decide what you want to do with your remains and personal belongings after death.
The team at RapidLegal.com.au says that the will is an important document where you can state specific things post-bereavement and who’ll carry out your wishes. Many people think that it’s only necessary to write a will on the deathbed. In contrast, it’s perhaps better if you write it while you’re healthy and completely capable of rational thought.
Every adult should make their will. There are stages in life that tell you it’s the proper time to write one.
• Upon turning 18 years old
• After marriage or re-marriage, as any previous will is revoked by marriage
• Entering a de facto or moving in together for a long-term relationship
• Buying properties, car or any asset, including starting a business
• After divorce or getting separated, although it doesn’t automatically revoke a will
In case you died without writing your will, the legal process of dealing with your assets becomes more complicated, costly, and time consuming. This can also be hard for your family and friends because there is a chance that they won’t get all your belongings, or even pay a certain percentage to the government.
As the law decides how assets will be divided, and assigns the administrator, you may not want what will happen. Usually, your assets will go to your closest surviving family, such your spouse or partner and children. If you don’t have one, the government will give them to your parents or siblings. In case you don’t have any living relative or they can’t be located, the government shall keep all your assets.
Even after you’ve signed your will, you can still change it as often as you please. Lawyers suggest writing a new one to avoid misinterpretations and ambiguity. But if it’s just minor changes, like adding a few assets, you can use a Codicil instead of writing a new one.