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Anonymous

Posted on 21 Nov 2019

At what age should you write a will?

Do you think its important to have a will prepared, no matter how young you are?

0 comments

12 answers

Discussion (12)

You can write a will as long as you are above 21. Unfortunately, most people will not have written one yet.

Once you have assets, you should ensure that in the event of your demise, they are distributed the way you want them. If you didn't write one, you die intestate and the Intestate Succession Act takes over, distributing your assets according to the 9 rules (and the last rule, if reached, means your assets goes to the government...do you really want that happening?) The sole exception is if you are of Islamic faith, then my understanding is that different rules apply (I am not trained in this area. Even more reason for you to have a will to make sure your beneficiaries get what is intended by you, not the state)

Additionally, to start to distribute the assets, you'll need to apply to the court for a Grant of the Letters of Administration if there's no will, or a Grant of Probate if there is a will. Guess which takes longer?

Now, even with a will it doesn't mean things will go smoothly. I've seen complex cases when it comes to estate accounts and in-fighting within the beneficiaries...and that's with a will in place. The distribution of assets dragged for 3 years. Imagine if there wasn't any. It would be far worse.

Beyond just having a will, the Lasting Power of Attorney is equally important, it is basically the instruction manual for someone (donee) in the event that you are alive, but unable to manage your affairs any more. And the Advanced Medical Directive is also another factor for consideration.

0

Post

Yes a will is important the moment you own assets, have liabilities, or are insured.

A will is simply a "what to do when I'm dead" instruction manual.

If you want certain things to be done or handled when you're dead, you should have a will.

This is also very important when you have group insurance policies that pay out earlier only if there's a will.

Its usually cheap or even free sometimes so just get it done. Wouldn't take too long either.

2

Khairudin Ali

04 Dec 2019

Whats the cost incurred to have a will written?

Hariz Arthur Maloy

Hariz Arthur Maloy

04 Dec 2019

There are some online ones that are free. But usually just a few hundred dollars.

Post

Junus Eu

Junus Eu

Level 15. Grandmaster

Updated on 04 Dec 2019

As early as you can.

The only thing holding you back is procrastination.​​​...

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