>In this third part, we’ll go through some of the things you should consider and other common terms you will come across.
Legal Will – Marriage & Divorce
Marriage revokes/ cancels a will. Thus, a new will should be arranged soon to include and provide for your spouse. On the other hand, revocation of wills due to divorce varies in different states. In some states, any previous will is automatically revoked, while in others, divorce has no effect.
Legal Will Age
The legal age in Australia is 18. Once a minor reaches this age, he/she is granted certain rights and privileges such as making a will.
Legal Will – Mental Competence
A sound mind is especially essential in making a will. Mental competence and contractual capacity demonstrates that you are aware of your actions, that you know you are executing a will, and that you know your property as well as your family and descendants. A doctor’s assessment of your competence may also come in handy at the time of signing the will if in case unhappy and discontented beneficiaries will argue over the contents of the will.
Legal Will – Providing for Your Children
If you die and have children of minor age, it is usually your spouse who will be appointed the legal guardian of your children until they reach the age of 18. If in case, there is no surviving parent, you have the right in your will to state whom you want to be the guardian of your children who will provide an equally bright and excellent environment, education, and guidance for your children. The guardian should of course be someone you ultimately trust and whom you can discuss your plans for your children and be prepared to assume this responsibility.
If you die intestate, any person with a sufficient interest can apply for the guardianship of your children. This person may not be the one whom you really wish to look after your children. In addition, your will can also have special provisions to ensure that your adult children’s financial needs are met and funds for them are spent prudently. If you make a will, the satisfaction of knowing who you appoint for such sensitive things will let you have a better sleep.