At what age should I make a Will?
To get an understanding as to when you should have a Will, I find it helpful to first explain, “What is a Will” and “Why you need a Will.”
What is a Will?
A will is a written document that directs what happens to your assets after you die. Assets can include real estate property, bank accounts, cash, cars, and other personal items.
Why you need a will
Without a valid will, your assets may be distributed under the law in a way which might cause hardship, delay, and expense to your family. You will not get to choose who is responsible for managing your assets after your death or to whom assets are distributed. There is therefore a chance that the law may require your assets to be distributed to people not of your choosing.
In South Australia, you must be at least 18 years old, to make a valid Will. Many people (including those of mature age), may never get around to making a will, and would think of reasons like “I don’t have much”; “I can always do one later”; “I am too young to have to worry about it”; and sometimes, “I think it will cost too much.” As I would explain to my children, it is good sound practice to have a Will when you reach adulthood. Once made, it is out of your mind, and may only need to be reviewed if your circumstances change e.g. getting married, having children etc. Quite simply, it is a responsible decision, and a good habit to get into. As we all know, changes can occur quickly in life, and therefore the temptation may be to put the task of making a Will, at the bottom of the list. I encourage you to resist such temptation.
I also point out, to my children, that a Will, is like having an insurance policy protecting your valuable assets, which assets may start out with owning your first car.
Peace of mind protection, by having a Will, can cost as low as $300.
LawCall has a mobile legal service, and visits can be made to your home, making the process, easy, straightforward, and stress-free.
If you want advice on making a Will, please call me at LawCall, for an appointment.