Have you ever sat down and wondered how to write a will in Australia? Before we dig into the answer, let me tell you that the best answer is to start working on your estate plan right now. While we are busy enjoying life now, we should remember that death might be lurking just around the corner.
Understandably, it won’t be fun thinking about death; however, with the right estate plan, you will have at least the peace of mind that you left something positive behind you and that your beneficiaries are benefiting from it in the long run. In other words, the right estate plan will guarantee that your loved ones are well-taken care of and their rights are protected after your death.
Moreover, writing a will as part of your estate plan can be essential for many reasons. In most cases, you should have a will so you’re clear about who inherits what and how much. Having a will is also necessary if you want to prevent creditors and judgment holders from gaining access to your estate without your permission. On the other hand, it’s a great estate planning strategy if you’re looking to save some money on estate taxes and other related expenses.
However, it’s important to know that drafting a will requires some considerations. For example, when you pass away and name an executor in your will, that designated person will have to determine if a Grant of Probate is required before they can administer your estate after passing away. Essentially, a Grant of Probate refers to a legal document authorizing the executor named in the will to manage the estate of a deceased person.
Meanwhile, aside from seeking legal assistance for will writing, it’s also a good idea to hire a reliable lawyer from experienced law firms like Will Power Estate Protection to help you obtain a Grant of Probate.
With these things being said, there’s no question why will writing and other estate planning undertakings should be planned and prepared to avoid problems. Lastly, it would help if you made an effort to understand the importance of a will and a proper estate plan for the benefit of the people you leave behind after passing away.
Once we have established the importance of writing a will and establishing a proper estate plan, we can move on to the primary question of the best time to prepare an estate plan. The simple answer to this question is that you can start estate planning from the moment you become a legal adult (from the age of 18). Simultaneously, you might want to keep updating the estate plan after at least five years, just to ensure that everything that you own is accounted for.
Some of the milestone occurrences indicating that you need an estate plan are as follows:
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If you have purchased your first car or bought a house, it is the perfect time to take out some time and draft an estate plan with the help of an attorney. Usually, home or car ownership is among the key signs that you can legally start estate planning to ensure that everything is well-taken care of if something happens.
Most college students open a savings account for effective financial management. That said, as soon as you open your savings account for effective budgeting and cash flow management, you might want to check in with the lawyer and decide where the cash funds would go in case you would meet death suddenly. By doing so, you will ensure that your savings get forwarded to your friends, family, or other loved ones whom you sign up for as beneficiaries.
Amongst the strongest triggers that encourage people to opt for estate planning is when they start a family. And often, it happens with the arrival of the first child in the family. Estate planning ensures that your children are well protected and remain financially secure.
Sometimes marriage and remarriage is also a crucial sign that you need estate planning; especially, when it comes to making crucial decisions about what should happen to the combined assets if the partner or both die.
Besides, the ending of a marriage and crucial issues like guardianship can also be the primary reasons for estate planning, specifically if the previous estate plan included the combined assets of both partners.
The best time to make a will is as soon as you become a legal adult and reach any of the milestones mentioned above or trigger points in your life. You don’t necessarily have to be ultra-rich to be needing an estate plan, and you can ensure that your loved ones are well-taken care of after your demise by having an estate plan.