Your will ensure that people you love will benefit from your hard work. It will govern the disposition of your assets. Do not think that the making of a will is only for the wealthy.
Some people believe that a will should only be executed by individuals who are considered as wealthy. This is due to the notion that the rich are the only ones who have enough assets to dispose of after death. This is not true since you might have more assets than what you believe in.
What is a will?
Based on the definition given by PTG, a will is a written statement, signed by the testator, which outlines the manner by which the testator’s assets would be distributed after his death. The will becomes effective when the testator dies. Heirs of the testator could not claim a share from the estate, for as long as the testator is still alive since whatever disposition in the will can only take effect on the testator’s death.
Why draft a will?
Drafting a will ensures that the property you have worked hard for during your lifetime will benefit your loved ones. This would include family and friends who have supported you and have been loyal to you even in your old age.
According to qld.gov.au, without a will, you will pass away intestate. When this happens, the distribution of your assets will rely on the Succession Act of 1981. The law will govern the distribution of assets, and that is without regard to your desires. Hence, there is a possibility that the house or the car that you have loved will be given to somebody whom you do not even like.
Can you draft a will while still young?
Some people think that preparing a will only come about when a person is bedridden or already very old. This is not the requirement of the law. For as long as you are at least 18 years of age, of sound mind, sound understanding and memory, you can make a will. This provision is very useful for those suffering from terminal illnesses or whose work is hazardous.
Can you seek legal help?
The answer to this is with absolute certainty. In fact, it is highly recommended that you see a lawyer so that you can properly be assisted in the execution of your will. There are certain requirements that a will must follow for it to be legal, and a lawyer will know all about this. You can seek one who has been practicing family law in Queensland. Doing so will ensure that your will is legally binding, and could withstand the scrutiny of the probate court.
Making a will is not depended on your riches. For as long as you reach the minimum age of 18 and you are of sound mind and understanding, you can make a will. Seek the help of a lawyer so that your will has both extrinsic and intrinsic validity. Once you have done this, you can be assured that your loved ones will benefit from all your hard work.