When it comes to securing the future for your loved ones, don’t leave anything to chance. Having a will is crucial for ensuring your wishes are respected and your assets are distributed according to your desires. Without one, the proper application of the legislation in your state or territory could potentially lead to outcomes you didn’t intend.
When should you get a will?
The question of when to create a will depends on your life circumstances. Here are the key moments when you should consider having one:
Getting married or entering a long-term relationship
If you’re married, the way your assets are held and the rules of intestacy will often result in your assets automatically going to your spouse. However, to leave something to someone else, it must be stated in your will. Even if everything goes to your spouse, it’s still advisable to confirm it in your will for absolute certainty and reduce the risks of a contested estate.
In long-term relationships, the situation can be trickier due to the lack of legal clarity compared to marriage. To avoid disputes, it’s essential to consult a professional for effective will drafting in such cases.
Welcoming children into your life
When you have children, it’s essential to plan for their future. While married couples typically expect their children to inherit their estate after their spouse, it’s not something to assume. To ensure your children receive their intended inheritance, specify it in your will, including the portions and assets allocated to each child.
Additionally, when your children are young, you can nominate a legal guardian in your will. While not binding, this nomination often helps family members or friends reach an agreement without court intervention.
Acquiring significant assets
As you accumulate valuable assets, it’s time to consider creating or updating your will. This becomes even more critical if you co-own assets, such as a business. Clearly stating your wishes in your will ensures that your family inherits your share rather than it becoming entangled with the business or distributed among associates.
When to update your will
In life, circumstances change, and so should your will. Consider revising your Will whenever:
Changes in relationship status
Any changes in your relationship status, whether through marriage, divorce, or separation, should prompt a will update. If you marry, your will is automatically revoked by operation of law unless it is drafted and expressed to be specifically in contemplation of the marriage and intended to survive that act. Make sure your will aligns with your current family situation.
The arrival of new family members
The birth or adoption of children or grandchildren – or even you financially supporting another family member – should lead to a will review. Ensure your will reflects your expanding family and that your loved ones are adequately provided for.
A change in your financial situation
Significant changes in your financial situation, such as a substantial increase in assets or a change in your net worth, should trigger a will update to ensure your assets are distributed as you wish.
How to create or update a will
It’s important to seek professional assistance when creating or updating your will. A professional can help ensure your wishes are accurately documented, increasing the likelihood that they will be carried out as intended after your passing.
Having a will is a vital step in safeguarding your family’s future. By addressing these key life events and seeking professional advice, you can ensure that your wishes are respected and your loved ones are provided for in the event of your passing.
Seton Family Lawyers can help you create or update your will
A will can provide you and your family significant peace of mind. The team at Seton Family Lawyers can help prepare your legally valid and binding will, power of attorney or an appointment of enduring guardian. This can help protect your family from stressful legal disputes at an already difficult time in their life. Contact us today to book an appointment with our experienced lawyers, located in the heart of Erina, NSW.
