As lawyers, there is an interesting legal question about whether or not New Year’s Resolutions are binding.
The answer is they are not.
Greg Martin, who lectures in Contracts at Western Sydney University, states:
You can’t make a binding contract with yourself. Also, a New Year’s Resolution doesn’t contain key elements of a contract such as consideration and intention to create legal relations. As such, it is nothing but a promise which may be broken.
However, just because they aren’t binding doesn’t mean that New Year’s Resolutions are pointless. They give you the opportunity to reflect on your own life and choices, and empower you to make positive changes.
Here are a few legal ideas you might consider for your own New Year’s Resolutions:
1. Make a Will / Update your Will
A Will is important because it ensures that when you die your assets are distributed according to your wishes, and allows you secure the future of your children under 18 by nominating someone as their guardian. This is particularly true with blended families and children from different relationships.
Research suggests that as many as 50% of adults in Australia do not have a Will. If you are recently married you will need to update your Will, as marriage in Australia revokes your existing Will in most cases.
2. Get a Power of Attorney and an Appointment of Guardian
A Power of Attorney and Appointment of Guardian allow you to nominate somebody to make your financial, medical and personal decisions on your behalf, in the event that you lose the capacity to make such decisions yourself due to illness or other factors. Protect yourself against future ill-health by getting these documents.
Dementia is on the rise, so act now before you forget to do so!
3. Life is Short – Get a Divorce
Life is too short to be unhappy. If you are in a relationship that you feel as though you would be better off out of, then act now. Martin Bullock Lawyers can help you with divorce, children’s matters, property matters and so on.
Whatever your legal problem, Martin Bullock Lawyers can offer you a solution.
Finally, remember again that New Year’s Resolutions are not legally binding. Think of them more as “casual promises to myself that I am under no legal obligation to fulfil”.
Happy New Year! Give us a call on 02 9687 9322 if we can help you with any legal problem.