Reasons Why You Should Have a Will in Canberra

When you write a will, you are planning for the future of your family long after you are dead. Writing a will helps in clarifying your final wishes about how your assets will be distributed among your family. Let us now explore the need to write a will and the laws surrounding wills in Canberra.

Six Merits of writing a will

Assets distribution:

This is one of the most important reasons why you should write a will when you have the mental capacity to do so. You will indicate how you want your assets to be shared among your family members and even charitable organisations. This is very crucial as it helps to avoid quarrels and wrangles among your family members after your death. Sadly, no one knows when their final breath will be, so it is vital to always have an updated will.

Guardianship for minors:

They will also allow you to designate guardians for your minor children who will care for and cater for their needs upon your death. Here, you need to designate someone that you trust and can care for your kids just as you.

Avoiding family disputes:

If a will is not in place, then family members will be involved in disputes which can lead to very serious fights and sometimes even bloodsheds.

Executor appointment:

An executor is a person who will be involved in upholding your wishes upon your death. You will need someone that you trust and be confident that they will execute your will as you have indicated

Charitable giving:

A will also allow you to hand over some portions of your property to charitable organisations, allowing you to specify how it will be used by the mentioned organisation. Any person can do this but those individuals who have enough to spare or no children mostly do it.

Peace of mind:

It is relieving knowing that you have left your assets in good hands and that your children will be taken care of after you have long gone. This helps one to have peace of mind and live a happy life while not having to worry about the future.

What are some of the laws governing wills in Canberra?

For a will to be valid, It should meet certain requirements. Here are some of the key aspects of the laws surrounding wills in Canberra:

Legal requirements:

A will must meet certain legal requirements to be valid, such as being in written form and signed by the testator in the presence of two witnesses and their signatures.

Mental capacity:

The testator should be in their right mind and have a clear understanding of the impacts of their wishes in a will.

Revocation:

A will can be called off by the testator at any point in time before their death, provided they have the mental capacity to do so.

Intestacy rules:

If a person dies without a valid will, then their property will be distributed based on intestacy rules and may not reflect their wishes.

It is important to have a valid will when you are healthy and in the right mental capacity as it helps in asset distribution, guardianship for minors, avoiding family disputes, executor appointment, charitable giving and peace of mind. Some aspects governing writing wills in Canberra include legal requirements, mental capacity, revocation and intestacy rules.

Talk to Canberra’s top wills lawyers for guidance and assistance in drafting your will.