Are you wondering how to write a Will Australia?
Wonder no more, you have come to the right place.
The following article will discuss everything you need to know about writing a Will in Australia, including discussing the types of Wills and the eligibility requirements that need to be observed before writing your Will.
What Are The Types Of Wills In Australia?
Before discussing how to write a Will Australia, it would be helpful to understand the types of Wills out there and accordingly what will be required in your particular situation.
There are a few common types of Wills in Australia. The most common are Complex Wills and Simple Wills, and Mutual Wills. It would be helpful to identify which Will would but suit your needs before considering how to write a Will in Australia.
A simple is much more common in comparison to complex Wills. They are generally for when someone wishes to leave the rest and residue of their estate to only a few people or has only a few common assets in their estates such as a family home and some money. For example, in a simple Will matter, someone may want to leave their estate evenly split their children or even a single spouse.
In contrast, a complex Will is bested suit to situations where many assets and people are involved in awarding the estate. These types of Wills encapsulate Testamentary Trusts and Special Disability Trusts. With this type of Will, conditions may be set up regarding how the estate is divided. You are also given more freedom to divide your estate in particular ways rather than simply awarding lump sums.
A mutual Will is entered into by spouses and is written if one spouse dies before the other. A mutual will is simply the combined Will of a couple, and it can be either a simple or complex Will.
Eligibility Requirements Before You Write a Will In Australia
Before proceeding to write a Will Australia, it would also be in your best interest to know whether you meet the eligibility criteria for making the Will in the first place.
These requirements are essential to be observed because they will impact whether your Will is legally valid or not, and accordingly, whether your Will is enforced upon your passing.
The threshold requirements for making a Will in Australia are low but essential. Otherwise, your Will won’t be legally valid.
There are two legal requirements:
1. You must be at least 18 years of age or married; and
2. You must have what is known as ‘testamentary capacity’. Testamentary capacity refers to your mental capacity to understand the following:
- Understand the legal ramifications of a Will;
- You are aware of people that would typically be expected to benefit from your estate;
- You are aware of what assets you own;
- You must not be affected by a mental illness that impairs your ability to make logical decisions regarding your Will as a whole and the beneficiaries who will benefit from your Will.
How To Write a Will Australia Without a Solicitor
Suppose you are considering how to write a will in Australia and wish to do it yourself. In that case, the only advantage this option will offer you is a small cost saving of a few hundred dollars, up to a thousand dollars if you have a lot of assets or requirements (complex Will).
Through the use of Do-It-Yourself Will kits, writing your own Will in Australia is undoubtedly possible. However, whether it is a recommended course of action to undertake is another story.
This is because the most prominent issue with such Will kits is that they often don’t give you and tell you everything you need to know to make sure that your Will is legally valid. They do not ask you the questions a solicitor will ask to ensure that your Will considers all of your circumstances.
As a result, the main concern is that your Will won’t be legally valid upon your passing and easily open to contention by your beneficiaries and other individuals.
How To Write a Will Australia With a Solicitor
The process of making a Will with a solicitor is much easier compared to doing it yourself. This is because when you do it yourself, there’s a big learning curve and effort undertaken to draft your Will and ensure everything is legally valid.
The process with a solicitor usually involves an initial meeting where some preliminary details will be collected from you. In the second meeting, the solicitor will usually go through the Will they have drafted with you, and changes can be made on the spot according to your discussions. After you are happy with your Will, you will get a chance to read every page of your Will and ask your solicitor any questions. After this, you, a third party witness and the solicitor will sign off on every page and you are done!
Drafting a Will with a solicitor may take up to a few hours of meetings, and you are good to go. The significant advantage is that you can rest easy knowing that your wishes will be observed and your loved ones will be taken care of according to those wishes.
Importance of Seeking Legal Advice
When discussing matters such as how to write a will in Australia, you must leave the task of drafting your Will in the hands of professionals. Although it is possible to write a Will yourself, it is hardly ever worth the slight cost savings involved relative to the potential ramifications of your Will not being legally valid.
Here at JB Solicitors, we’ll make the process as pain-free as possible. We have fixed-fee pricing for family law, giving you a clear sense of the costs from the start, and we will be sure to help you out every step of the way.
With years of experience under our belt, we pride ourselves on making each client’s family law experience as positive as possible.
Contact JB Solicitors today to speak with one of our friendly and experienced family lawyers.
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