We all know that making a Will is something we all should do – someday!

But about one-half of adults in Australia do not make a will. This means that when they die, everything that they own will be distributed to particular family members according to the formula set out by the law. For some people, this might be exactly what they would want but not everybody would want this to happen.

A Will also ensures that the right people are in charge of administering your estate and managing your affairs after you have gone. If you don’t make a will to appoint an Executor to do this, then a Court will have to – and it might not be the people you would have chosen.

At MV Law, we see situations every day where people neglect this important part of life admin. As you can see below, there are many situations where it becomes even more necessary to make a Will, or where your current Will needs updating.

When you have a diagnosis of other serious, especially terminal, illness. Again, don’t wait until the last possible moment to make a will – act while you are still as healthy as possible.
When you have been diagnosed with early-onset dementia or Alzheimer’s disease. You may still be able to make a will, even with such a diagnosis – but act quickly.
When you get married or start a defacto relationship. You should consider naming your new partner as Executor and/or Beneficiary in your Will.
If you have an old Will, a marriage will usually make that invalid.
When you separate from your defacto or married partner. You will probably not want your ex-partner to be your Executor and/or Beneficiary.
If you have an old Will naming your ex-partner as your Executor and/or Beneficiary, a divorce order is likely to revoke those arrangements.
Remember that your partner might still be the beneficiary of your estate and your superannuation until the date of your divorce, even if you’ve been living apart.
When you have a baby. You should appoint a Guardian.
You might name your child as a beneficiary.
When you start your own business. There are lots of things to consider here, so make time to think about what would happen to your business if you aren’t there. Making a will can help with this, though we can discuss other plans you should make.
When you book tickets for a big overseas or domestic holiday. Give us (and yourself) plenty of time to discuss, draft and sign a new Will – don’t leave it until the last minute.
When the only Will that you have was done by yourself or on a ‘post office’ kit. Time and time again, these DIY Wills cause problems when someone dies. Let us have a look at your DIY Will and give you some advice about whether it is good enough.

The rules of thumb are:

  1. Make a will.
  2. Do NOT leave it until the last possible moment. Give yourself and your lawyer enough time to discuss it, draft it and sign it. This process usually takes 3-4 weeks.
  3. If you have a Will, review it regularly and when major life events happen.

MV Law is an award-winning law firm in Canberra with a dedicated Wills and Estates team trusted by many Canberra businesses and locals. Contact us today to make a will with confidence.

MV Law Canberra

Ph: (02) 6279 4444

Email: info@mvlaw.com.au