Writing your Will is an integral part of planning for your future, it not only protects your estates and assets, but it also outlines your final wishes to your loved ones.
Many people think that writing a Will involves seeing a lawyer which can be expensive and time-consuming. But this is not the case for most Australians, who can write a legally valid Will from the comfort of their home without any need to consult a lawyer.
There are a range options available when writing your own Will, from DIY kits at the Post Office to online platforms such as Willed. These options vary in price and convenience but are all valid ways to write a legally binding Will.
To ensure your Will is legally binding, it is important to cover these main points.
The role of your Will is to outline your final wishes for your estate. This includes how your estate will be divided, funeral plans and who will carry out these wishes (the Executor). These plans must be clearly outlined to ensure they align with your values and cannot be interpreted otherwise.
Your Will can only be considered valid if it written by an 'adult' in the eyes of the law. This means that you are over the age of 18 and mentally sound (and therefore not influenced by beneficiaries or others).
To ensure that your Will is legally binding it must be signed by two witnesses, at the same time. Generally these witnesses must be legal adults and without significant vision impairment. It is important to check the requirements for each state and territory for witnesses.
Over 50% of Australians do not have a legally valid Will - one of the key reasons for this is the idea that it is scary or expensive, but it doesn't need to be.
Using an online platform such as Willed can be a cost effective way to ensure your assets are protected and final wishes are recorded - without a lawyer!
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice