When to Think About your Will in Australia

understanding-willsA will is a legally binding document that allows a person to designate what happens after their death, and who will handle their affairs. A will is essential to ensuring that your loved ones are cared for and inherit the estate that you have spent your life accumulating.

At certain points in life, we come to the realization that we have assets and resources that we want to go to a certain person or people in our lives. This is a way of ensuring that those we care for are taken care of even after our death. There is no better way of demonstrating our care and concern than thinking ahead so that in their time of need and grief, many things have been taken care of.


 
A will can be created at the age of majority. Many people between the ages of 18-21 who join the military create wills. This is insurance that in case of their death their parents, spouses or children will get the life insurance and possessions they legally designate to them.

Marriage
Another major time to create a will is when you marry the love of your life. This is a wonderful time and many people do not want to think about accidents or illnesses at this special time. However, having a spouse is also a time of added responsibility. A will carefully drafted can ensure that if anything happens to you, they will be financially provided for and receive the benefits that you would have enjoyed together.

Who will take care of the child?
Another wonderful and momentous life event is the birth of a child. Again, this is a joyous event, but also a time of change. I am not advocating for your child to be born and the very next day modify or create your will. However, providing for our children is one of the responsibilities we have as parents. A will not only provides for the child, but tries to ensure they will be cared for if one or both parents pass away. One part of a will when a child is born appoints a guardian who will raise the child if both parents die at the same time. A second portion of a will can establish a trust to ensure that the child grows up well care for financially. Each time a child is born, a new will should be created.

Life Changing Events
Until now, all of the life events creating a will have been joyous events. But during a time of separation and divorce, the aspects of a will must change. The beneficiary information listed may need to be modified. At this time, you must set reexamine who should handle your affairs.

Ultimately, a will can be created at any point where you have resources or assets that you wish to leave to a certain person. Whether it’s a piece of jewelry from your grandmother that you want to leave to your daughter, or a house you want to make sure your spouse has, a will legally designates these things to them. But also, a will should be modified at each stage of our lives when there are major changes, such as a new bundle of joy, or a divorce.

Wills themselves are not wonderful things we want to think about. But when we love our family and friends, what better gift can we give to them than ensuring they are cared for, in life and in death?


 

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