Creating a will is a fundamental step in managing your estate and ensuring that your wishes are honoured after your passing. It provides peace of mind, not just for you but also for your loved ones. However, before you embark on this crucial process, there are several key points you should consider. This article aims to equip you with the essential knowledge required to create a will that accurately reflects your intentions.
Understanding the basics of a will
What is a will?
A will is a legal document that articulates your wishes regarding the distribution of your assets and the care of any minor children upon your death. Without a will, these decisions will instead follow the rules of ‘intestacy’. These intestacy rules may be substantially different to your personal wishes and intentions. Further, dying ‘intestate’ without a will can increase delays and costs for dealing with your Estate.
The importance of having a will
Having a will ensures that your assets are distributed according to your wishes, can help reduce family disputes, and may also minimise estate taxes. Moreover, it allows you to appoint guardians for your children, making it an indispensable document for parents.
Key considerations when creating a will
Inventory your assets
Before drafting your will, take stock of all your assets. This includes property, investments, savings, insurance policies, and personal possessions. Understanding the full scope of your estate will help you in deciding how you wish to distribute your assets.
Choosing your executor
The executor of your will is responsible for administering your estate according to your wishes. This role requires honesty, impartiality, and the ability to handle legal and financial matters effectively. Choose someone you trust implicitly and consider naming an alternate executor in case your first choice is unable to perform the duties.
Be clear about beneficiaries
Clearly identify who your beneficiaries are and what you wish to leave to each. This can include family members, friends, and charities. Being explicit in your intentions helps prevent disputes and ensures your assets are distributed as you intended.
Guardianship of minor children
If you have minor children, deciding on their guardianship is perhaps the most critical aspect of your will. Consider who you would entrust with the upbringing of your children and discuss it with them before making it official in your will. It is important to consider this appointment, your personal family structures, and the precedence of the Family Law Act 1975 (Cth) when preparing your will, to ensure the care of any minor children is dealt with in accordance with your wishes.
Regular updates
Life circumstances change, and so should your will. Regularly reviewing and updating your will ensures it always reflects your current wishes and circumstances. Significant life events such as marriage, divorce, the birth of a child, or the acquisition of substantial assets are good reasons to update your will.
Creating a will is a deeply personal and significant undertaking that requires careful thought and consideration. By understanding the basics, considering key aspects such as assets, executors, beneficiaries, and guardianship, and keeping your will updated, you can ensure that your wishes are honoured. Remember, the peace of mind that comes from having a will in place is invaluable not just for you, but also for your loved ones. It's never too early to start planning for the future, and creating a will is a crucial step in that process.
Making a will - and doing it properly
Our wills and estates team offer impartial, expert guidance on the most effective way to organise your will, guaranteeing the efficient management and fair distribution of your estate.
Collaborating closely with you, we delve into your unique financial and personal situation to ensure sufficient provision for your loved ones. With the support of our team, crafting or refining your will to align with your specific requirements will provide reassurance for both you and your family.
Create a will online, today
Use our new online tool to create fast, convenient online wills and powers of attorney in 3 easy steps to help protect your loved ones and your assets.
How can I learn more?
Kelly Brown.
Associate.
- Property and Wills & Estates
- 03 9890 3321
- Email Address: k.brown@robinsongill.com.au
Kelly is a lawyer in the property, wills and estates team at Robinson Gill. She specialises in a range of commercial and residential property, estate planning and administration matters.
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online will
Use our new online tool to create fast, convenient online wills and powers of attorney in 3 easy steps to help protect your loved ones.
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