Most people never know when they might die and consequently a Will should be made as early as possible in your lifetime.
Make your first Will before turning 30 and then update it when a change is necessary. Most people will make between 2 to 4 Wills during their lifetime. There are a number of things that can influence when is the right time for you to make your Will.
You need time. Occasionally it is necessary to obtain more information from your superannuation fund, complete a title search, check trust deeds, liaise with an accountant or financial advisor or seek feedback from family and friends. Some Wills can be completed in a day, but other Wills might require several weeks to collate all of the necessary information.
You need knowledge. There are lots of tricks and tips about Wills that are good lawyer can tell you. You need to know this information so that you can apply it to your own circumstances make the Will that best suits you.
You need to be in the right frame of mind. Making a will when you are angry, hurt, depressed or otherwise unhappy with life is usually not a good idea. A Will should not be used as a mass weapon of destruction to hurt people that have upset you. A Will should be used to make life easier for those that behind and to reward people that are important to you.
I can tell you the wrong time to make a Will. When you are dying and literally have days to live is not the best time to make a Will, although some people have no alternative because they have never made a Will or the Will that was made 20 years ago is so horribly out of date. If you are lying in a hospital bed, your mind can be distracted by pain, anguish, and the sheer miserableness of your own condition. When making a Will, you need to weigh up many matters and your memory needs to be in good shape and you do need a reasonable level of emotional energy. You can make a good Will if you are dying or very unwell, but at another time the task would have been easier.
The best thing you can do is consider making a Will now by making an appointment to see one of our wills lawyers by calling 03 5445 1000. It's best to get the ball rolling.