Writing a Will is something every adult should look into sooner rather than later. It’s a major responsibility to undertake because it can impact many of the people in your life. However, this is often confusion about whether or not you’re eligible to write a Will.
One question we are often asked is whether you can write a Will if you don’t have a large amount of assets or if you don’t have property that needs to be managed. We wanted to break down the eligibility for writing a Will online in Australia.
You are eligible to write a Will if you are over 18
That’s the short answer, and it’s true. As long as you are an adult in Australia (over the age of 18) you are eligible to write a Will and start planning for the future of your estate. Adulthood is a legal requirement because it’s at that point that you are able to make legal decisions about your life.
This means that from your 18th birthday, your estate becomes your responsibility to plan for and administer. This includes any savings you might have, and assets including your car or your possessions.
Are you eligible if you don’t have a large estate?
Absolutely. Even if you don’t have a large and valuable estate just yet, you still have assets that ought to be planned for. As an example, even younger people entering the workforce will have a Superannuation balance or goods that have value.
When calculating your estate and making plans about who your beneficiaries will be and what they will receive, remember that every asset does have some value and should be accounted for in your longer term thinking.
When are you obligated to write a Will?
There is no legal obligation for writing a Will; however, certain life events could and should make it more of a priority. If you get married, enter into a long term de facto relationship or have children, it becomes vitally important to have your plans in place.
If you have minor children it is in their best interests to ensure that they have a guardian chosen in your Will and that provisions have been made for their well-being in the event of your death. Again, there is no legal obligation to do this - but it could make their lives easier and streamline the process if the time comes.
Overall, we encourage everyone to start thinking about their Will as soon as they can. One of the goals we have at Willed is to make estate planning accessible for everyone, regardless of where they’re at with their life, their family or their career.
If you have any further queries about anything we have addressed above, make sure to contact us on 1300 945 533 or email us at [email protected] today.