Why You Need A Will Now

October 21, 2013

Young Defacto Couple

Wills are tricky things and they shouldn’t be rushed into, but on that same note if you don’t get a start on your estate planning sooner or later, it might just never get done. Do the right thing and speak to a lawyer in Sydney’s Inner West, and get that will underway; there’s plenty of reasons to get it done today rather than tomorrow.

When it comes to a will, it doesn’t have to be anything fancy, it only needs to meet three criteria:

  • It needs to be a written document – handwritten, typed, or printed, it doesn’t matter
  • It needs to be signed
  • Two witnesses must be present when you sign or acknowledge your will, and they too need to sign it in your presence

There really isn’t a lot your will needs to be, so why not write it now?

You don’t even need to get a solicitor to write it for you. If you want to, you can write it yourself – many newsagents and stationers have printed will forms available to the general public. But if you are going to write your will yourself be aware that if it isn’t done properly it can be unclear, or lead to tax liabilities. Getting a solicitor to draw up a will for you won’t cost a fortune, and it really is one of the most important documents you’ll ever come across in your life, so it pays to get it right. If the idea of paying to get your will written has turned you off getting one at all, think about the consequences of not having a will.

When you don’t have a will, the legal procedures for dividing up your property and the like are extremely complicated and time consuming, and can actually end up costing your relatives money, not to mention stress and heartache. When you don’t say how you want your property to be divided, set formulas are used, so your assets might not be shared the way you wanted them to be. This is particularly upsetting in cases where there are dependents with special needs involved.

The benefits of a will far outweigh the slight inconvenience getting one written up requires.

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