4 Reasons Why You Should Prepare a Will.

Preparing a Will, unlike what most people think, is something that everyone of legal age with any assets at all should think strongly about doing with the help of an experienced Will lawyer and estate planning lawyer. People generalise the making of a Will to be something that only well-off people need to worry about, but Wills are actually a perfectly reasonable legal document for all people with any assets at all to have in place.

Many think that they have enough time to sort out their affairs in the future before they are likely to pass away, but unfortunately, this is not always the case. Your loved ones and relatives can be caught utterly by surprise, not only leading to them having to process and grieve your passing but also creating confusion about what happens afterwards and potential increasing costs due to the legal situation that may occur due to intestacy. With a Will, you can help them avoid a lot of trouble.

How to create a Will?

The main point of a Will is for the division of your assets, but it also has a number of uses beyond mere allocation. In order to make a valid Will, there are four criteria: you must be of legal age upon drafting, it must (usually) be written (hand-written or type-written is accepted), it must usually be signed on all pages, and you must have at least two adults who are not potential beneficiaries who witness your signature when you sign your Will.

Why create a Will?

A Will only comes into effect when you pass away, which many people understandably do not think about as a possibility while they are young. However, this legal document will provide guidance for your loved ones after you pass—not only for the distribution of wealth and assets but also for guiding them on what to do after you’re gone. For the legal implications, the help of a qualified Will lawyer and estate planning lawyer is absolutely vital.

To cement the need for it, here are four good reasons for you to consider preparing Will at the soonest opportunity.

1 – You Can Choose who receives the benefit of your Assets

The basic premise of a Will is to dictate who the beneficiaries (the people who benefit) of your wealth and assets are. While you think that your property will automatically go to the immediate family, the laws regarding intestacy (when somebody passes away without a will) are complex and in certain circumstances can have unintended and unforeseen consequences.

2 – For Longevity of the Family Business

People who are lucky enough to own a family business need to have a proper succession plan should they pass. A Will is an important part of this succession planning. With a Will, you may be able to provide how you wish to keep your business running even after you pass away.

3 – Avoid Family Disputes

For more complex family situations, a Will can provide the path of least resistance. A Will with clearly expressed wishes and views on the part of the Will-maker makes it harder for an aggreived family member to dispute the content of your Will. If you want to avoid the fallout of a complicated family provision claim in Court, it’s best to utilise the expertise of an exeprienced Will lawyer and estate planning lawyer.

4 – In certain jurisdictions –  appoint guardians for your minor children

Undue passing is hardest on the ones you left behind, especially if you still have minors in your care. In order to avoid complicated squabbles over who cares for whom, a person whose estate is in the ACT can appoint guardians to care for your minor children pursuant to Section 8 of the Testamentary Guardianship Act 1984 (ACT). This way, you ensure your children are looked after even after you pass on.

Conclusion

While preparing your Will may seem like a chore, it is necessary in order to best look after your loved ones should you pass away.

The content of the Will, however, should be considered often and regularly updated if necessary in order to account for your most recent circumstances. Handing the task of crafting a legally accurate Will to an experienced Will lawyer and estate planning lawyer is the best choice to ensure your Will looks after those you want to look after.

If you are based in Canberra, Queanbeyan, Wollongong, Goulburn and surrounds, the expert advice of a Will lawyer understanding the Australian Capital Territory and New South Wales laws is absolutely crucial.

If you want to sort your Will out as soon as possible, Andrew Byrnes Law Group is pleased to provide an Online Legal Service which will help you get a Will faster and more affordably. For just $440.00, you will receive a Will crafted and tailored to your circumstances along with a tailored video of one of our lawyers taking you through how the Will works. We will then finalise the Will for you.

If that sounds like a service you want to find out more about, please click here.