Why a Will is Legally Important (Australia)

Recently, while handling legal matters, I came across an issue involving a will due to the sudden passing of a client's parent. This experience prompted me to share related information here. In many ways, creating a will can be seen as a parent's duty to minimize disputes over inheritance and ensure family harmony.

A will is an essential legal document that determines how your assets and property will be distributed after your death. Under Australian law, a valid will must meet the following criteria:

• The person creating the will must be over 18 years old.
• The will must be made by someone who is mentally sound.
• It must be written down and signed.
• The signature must be witnessed by two people.

Benefits of Having a Will

1. Protecting Your Family
2. Saving Time and Money

Drawbacks of Not Having a Will

1. Legal Issues
2. Practical Problems

When to Update Your Will

It's important to update your will whenever a major life change occurs, such as:

• Marriage or divorce.
• The birth of children or grandchildren.
• Acquiring or disposing of significant assets.
• Starting or closing a business.
• The death of a beneficiary.

By keeping your will current, you can ensure that your wishes are respected and that your loved ones are protected, no matter what changes happen in your life.

Conclusion

Creating and maintaining a valid will is one of the most crucial steps you can take to protect your family and ensure your wishes are honored. Without a will, you may lose control over what happens to your assets and leave your loved ones dealing with costly and time-consuming legal challenges.

If you haven’t written your will yet, or it’s been a while since it was updated, consider reaching out to a legal professional for assistance. The peace of mind that comes with knowing your affairs are in order is well worth the effort.

by Sun Lim