27 May 2015

It's never too soon to write a will

As each of our children turned 18 and became adults I took them to see our family solicitor and had them make a will. At the time they turned 18 they were all still living at home, studying and working part-time. They didn't own any property or have gazillions in a trust fund or even in savings. But they were adults and as such if they were to die they would leave an estate (minuscule, but their few belongings would become their estate) that would need to be dealt with. Without a will even a minuscule estate can cause huge headaches for those left behind.

As a responsible adult, potentially or with savings, superannuation, property and/or dependents it is imperative that you have a legally binding, properly written will. Even if you believe you have nothing to leave you need a will.

Without a will there is no guarantee that your wishes regarding your burial or estate, no matter what the value, will be carried out. If you own property or have investments, or have dependants, you need a will.

You can buy will kits from newsagents for around $20 if you'd like to DIY it. Follow the instructions to the letter and you will have a legally binding last will and testament. If you'd rather use a solicitor to write your will, a straightforward will should cost around $250 - $300. The more complicated your estate however the more complicated your will, and the higher the bill will be.

Unless you have drastic changes in your circumstances (you marry/divorce/have children/win lotto/start a business/buy property etc.) this is pretty much a one-off bill, or at least one you won't need to worry about again for a few years.

For the peace of mind you get knowing your wishes will be carried out and your family looked after that's not too much to pay.

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