When you think about someone having a will it’s common to think that only older individuals or those who are terminally ill should have wills, but the truth is anyone over the age of 18 should have a will. In Melbourne it is recommended once you turn legal age (18 years old) that you have a will. The thought is preparing a will can be difficult for young individuals because let’s face it who likes to think about the day they will no longer walk this earth? However, uncomfortable and emotional this thought is sadly it is inevitable, there will come a day when you depart from this world and when that day comes you want to make sure your property is given to those closest to you, which is why a will is such an important thing to have.
While turning a certain age is important in planning your will, certain life events are also reasons for creating or updating your will.
- Getting Married – If you have recently gotten married or divorced then it is time to update your will or even write your will for the first time. Your beneficiaries are likely to change when you get married or divorced. If you happen to be getting married for the second time you will want to talk with a lawyer because these situations can be tricky when trying to update your will.
- Having Kids – When you have kids your situation changes because you now have to worry about taking care of your kids if something should happen to you. Besides just caring for them financially you also need to think about what happens to them if they are still underage and will need care from an adult.
- Buying a Home – If you purchase a home, or another major asset like a vacation home, camper, vehicle even you will want to leave those items to someone when you pass on, so it is important to update your will each time you add a substantial asset. The same goes for when you sell an asset. If you sell your home you will need to update your will and change that as well.
- Every Five Years – It is recommended you update or at the very least take a look at your will every five years to ensure everything is up to date and the way you want it to be.
Let’s get real for a moment, no matter how uncomfortable the topic of death and writing wills is the sad fact is it a reality, everyone dies and everyone should have a will in order to provide for those loved ones left behind as well as to protect any valuables or assets owned at the time of the death. Don’t wait until it’s too later to write your will or update your will. There is nothing wrong with being prepared and getting all your ducks in a row because let’s face it…every breath we take could be out last breath, you just never know.
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