When is the best time to get a will?

Anyone over the age of 18 can make a will. However, many leave it until later in life to think about their estate planning. In our view, it is not enough to simply prepare a will. It’s important to consider a multitude of other matters when preparing a will. Therefore, the process of organising your affairs is often referred to as estate planning. 

It could be that you have a family trust, self-managed superannuation, an interest in a business, assets overseas or a complex family structure. Furthermore, you could need other documents reviewed to fully understand how your will is going to operate after you pass away. 

Generally, any life-changing event should prompt you to consider making a will or updating an existing will. For example, maybe you have:

• Recently married

• Moved in with a new partner

• Had a baby

• Started a new business

• Purchased your first home

• Sold your home

• Lost a loved one

• Separated from your partner 

Even if you are confident your current will is still suitable for your circumstances, it doesn’t hurt to get advice to ensure you fully understand your overall estate plan. Often people do not realise what a particular clause in their will means which can have unintended results. 

You may think that if you pass away, your estate automatically passes to your spouse. This is not always the case; it depends on how you hold your assets. It is unwise to make assumptions when it comes to the security of your family. 

If you pass away leaving a spouse and children, then your children may also be entitled to receive some money. If your children are under 18 years old, then trusts may need to be established. This may mean your spouse does not have access to sufficient funds to care for your children after you are gone. 

We have seen numerous instances of young people having fatal accidents and leaving behind a spouse and children without the benefit of proper estate planning. Often the spouse is concerned about how they will manage without the other parent’s income and make the mortgage repayments. If you have a proper estate plan, this can go some way to relieve the uncertainty that comes with the unexpected loss of a loved one. 

If you want to protect your loved ones from additional distress in the event of your death, then ensure you have a comprehensive estate plan now. 

Your estate can be properly planned with the help of qualified estate lawyers.