If you're wondering "when do I need a Will?" or "what age do people get a Will?" then chances are you already need one. Preparing a Will ensures that your property and assets will be distributed in the manner of your choosing and you'll likely make the process a lot easier for your loved ones.
Now is the time to start organising your Will. As the saying goes: "the best time to plant a tree was ten years ago, the second best time is right now."
What age do people get a will?
There is no particular age at which people need to have a Will. Anyone over the age of 18 can have a Will and, in many cases, people put off writing a Will for far too long.
Once you have children, it's absolutely essential that you have a Will. Even without kids, you need to have a will if you have assets that you wish to distribute in a particular way.
People are often prompted to write a Will after someone close to them has passed away, especially when they have to deal with the estate personally. But there's no need to put off creating a Will until a significant event happens in your life, it's always better to organise your Will sooner rather than later.
What happens if you don't have a Will?
If you die without having prepared a Will, then your property and assets will be distributed according to the laws of intestacy. This means that your assets may not go to the people that you want them to.
For example, most spousal couples choose to leave everything to their partner and then the last surviving partner will leave the assets to any children you and your partner have. However, if you die without a Will, your partner may not receive your entire estate. Under the laws of intestacy, your partner will receive the first $100,000 of your estate and one-third of everything after that. The rest of the estate is then distributed to your children.
Not only that, but you will have no control over who gets specific items. You may have sentimental belongings that you want that you want to leave to particular people after you pass away. Having a written Will is the only way to guarantee that people will receive the items you want them to.
Common misconceptions about Wills
Many people have misconceptions about making a Will, and these are some of the reasons that people put off doing it. Some common misconception are:
- An executor cannot be a beneficiary – This is a common myth, but it is not true. The executor is the person who carries out your final wishes and is responsible for distributing assets, but they can be a beneficiary and receive assets as well.
- Writing a Will is 'tempting fate' – Many people are superstitious about creating a Will and think that it might be unlucky. But a Will really is just a practical document to have in place, and we've never had a client die from making a Will.
- You should distribute your assets a certain way – People may think that there is a certain way that you are supposed to write your Will, but this is not true. You can and should distribute your hard-earned assets in the way that seems the most appropriate to you.
If you have any questions or concerns about writing a Will, the best thing you can do is talk to a lawyer to get all the information and help you need.
Other types of Wills
Get in touch with a lawyer for more information about your options.
Get the help of a lawyer
A good lawyer can guide you through the whole process of creating a Will and advise you on the type of Will that best suits your needs.
At Rose Lawyers, we can help you phrase your Will in the correct way to ensure your wishes are carried out and not misinterpreted. While it's impossible to rule out someone challenging your Will, we can help make sure that any potential challenges are much less likely to be successful.
For help with your Will, call Rose Lawyers on 03 9878 5222.