Writing a will might seem something in the distant future, but the legal process which needs to be carried out under the safety of your family and yourself is truly worth it. It is thought by many younger people that the will is only required much further into the future, but in fact, it could not be further from the truth.
A frequent question while thinking about a will is, “What’s the age required?” The answer to this will mostly depend on your location.
In Australia, in general, the law is that anyone over the age of 18 can set up a will. In extraordinary circumstances, there are some laws for minors to possess a will – this includes those who are married, in the military, or other extraordinary circumstances. These exceptional legislations recognise certain events in life, granting more responsibility and independence.
Around the globe, competency to sign a will differs in terms of age. Even in the United Kingdom, one should be 18 years and above to sign a will. As mentioned, in Australia, minors can sign a will under special circumstances with court approval. It is always advisable if you don’t know what the laws in your state or nation are to obtain the expertise of an expert.
The Need for a Will
One would expect to make a will later on, but there are certain events in life that call for adding one earlier. The acquisition of properties, such as the purchase of property, acquiring a savings account, or starting a retirement scheme, require accountability through a will so that they can be inherited by your chosen individuals or organisations.
For individuals with dependents or children, a will is priceless. It enables you to leave directions for the upbringing of your children so that they are raised the way you desire in the sad case that something happens to you. If you don’t have a will, then the courts would decide, so it will be longer and more stressful for your loved ones.
Even for those who have no assets at all, it is still worth having a will prepared if they have unique bequests on personal items, such as family heirlooms or personal belongings. A will can also include non-property wishes, such as funeral wishes, so your wishes are fulfilled.
The Consequences of Putting It Off
Many times, creating a will is an “after” thought, but the uncertainty of life reminds you that it’s never too soon to secure your future. You’re a young professional, newlywed, or otherwise established, a will gives you peace of mind in knowing your wishes will be fulfilled. It’s not just a legal document—it’s a way to safeguard the ones and things that matter most to you.
If you’re uncertain about when or how to draft a will, it’s an optimal time to explore your options. Consulting with will and estate lawyers can provide bespoke advice to secure a valid will that reflects your desires. Bear in mind, safeguarding your legacy begins with taking steps as soon as feasible.