Wills & Estates

When To Prepare Will

Importance of Estate Planning

Estate planning is a crucial aspect of managing your assets and ensuring that your wishes are carried out after your passing. A will is a legal document that outlines how you want your assets to be distributed and who will be responsible for managing your estate.

Reasons to Prepare a Will

There are several key reasons why individuals should prepare a will:

  • Ensure your assets are distributed according to your wishes
  • Appoint guardians for minor children
  • Minimise potential disputes among family members
  • Provide for loved ones who may not automatically inherit under intestacy laws

When Should You Prepare a Will?

It is advisable to prepare a will as soon as possible, especially if you have significant assets or dependents. However, some specific life events may prompt the need to review or update your will:

  • Marriage or divorce
  • Birth or adoption of a child
  • Acquisition of new assets
  • Relocation to a different state or country

FAQs

1. How often should I update my will?

It is recommended to review your will every few years or after any significant life changes to ensure it remains up-to-date and reflects your current wishes.

2. Can I prepare my own will without legal assistance?

While it is possible to create a DIY will, seeking legal advice from a qualified estate planning lawyer can help ensure that your will is legally valid and effectively carries out your intentions.

3. What happens if I die without a will?

If you pass away without a will (intestate), your assets will be distributed according to the intestacy laws of South Australia, which may not align with your wishes. It is best to have a will in place to avoid uncertainty and potential family disputes.

For client-focused guidance on estate planning, will preparation, and probate matters, contact Wright Street Lawyers in Adelaide, South Australia.

Wright Street Lawyers

Address: 123 Wright Street, Adelaide, SA

Phone: 08 1234 5678