Preparing a Will is a crucial step in ensuring that your assets and final wishes are properly managed after your death. Simply put, drafting a Will requires careful consideration and thoughtful planning.
To help you navigate this important process, here are ten essential things to consider when drafting a Will.
1. Seek Professional Legal Advice
While it may be tempting to create a DIY Will, we always recommend seeking the guidance of a qualified estate planning lawyer. They carry the expertise to help you navigate complex legal requirements, and minimise the risk of mistakes that could invalidate your Will or lead to unintended consequences.
Our estate planning lawyers have extensive experience in Will preparation, which gives you the opportunity to carefully consider what is right for you and your family.
At RHC Solicitors, our estate planning lawyers work alongside you, providing advice on the best structure for your needs. We help by providing:
Practical advice to support you and your needs;
Comprehensive and tailored solutions to avoid litigation;
Advice and guidance to reduce the risk of family disputes or estate claims; and
Help to protect your assets from creditors.
2. Choose an Executor Wisely
Your executor will be responsible for administering your estate and ensuring your wishes are carried out. Select a trustworthy and capable individual willing and able to take on the responsibilities involved. It's a good idea to discuss your decision with them beforehand to ensure they are comfortable.
We also always recommend you also consider appointing a back-up executor/s. If you don't appoint a back-up executor, there is a risk that if your primary executor/s cannot act for any reason, then the public trustee or someone else who you do not wish to appoint could end up taking on the role.
3. List All Your Assets and Debts
Compile a comprehensive list of your assets, including properties, investments, bank accounts, vehicles, and personal belongings. It's also important to understand and note your outstanding debts and liabilities such as mortgages, personal loans, and car loans. This will help provide a clear picture of your estate's value and simplify the distribution process.
4. Decide on Beneficiaries
Determine who will be the beneficiaries of your estate. This may include family members, friends, or charitable organisations. Be specific in identifying beneficiaries to avoid confusion and potential disputes.
5. Consider Alternate Beneficiaries
To safeguard against unforeseen circumstances, consider naming alternate beneficiaries in case your primary beneficiaries predecease you or are unable to inherit for any reason.
6. Address Digital Assets
In the digital age, it's essential to account for your digital assets such as social media accounts, cryptocurrencies, online banking, and intellectual property, and specifically how you want these assets managed or transferred.
7. Guardianship for Minor Children
If you have dependent children, nominate a guardian in your Will to ensure their well-being in the event of your passing. Discuss your decision with the potential guardian beforehand to confirm their willingness to take on the role.
8. Be Clear and Unambiguous
Write your Will in clear, unambiguous language to avoid any misinterpretation or confusion. Ambiguity may lead to legal challenges and unnecessary emotional strain on your loved ones. This is where an experienced lawyer can assist to ensure nothing is left for interpretation.
9. Consider Financial Implications
Understand the potential financial implications of your estate and how it may affect your beneficiaries. Consulting with an experienced lawyer can also help you structure your Will in a financial and tax-efficient manner. This may also involve further discussions regarding putting in place Trusts and other structures for asset protection. We also recommend discussing your circumstances with a financial specialist, as it may be advantageous to gift property or other assets during your life, not after.
10. Regularly Review and Update Your Will
Life circumstances change, so it's important to review your Will regularly, especially after significant life events such as marriage, divorce, the birth of a child, or acquiring substantial assets. Keep your Will up-to-date to ensure it reflects your current wishes and personal circumstances.
This is why we always recommend you engage an experienced and affordable estate lawyer to guide you through your estate planning. At RHC, we don't just prepare your Will, we give advice on the best strategy for you. Why not book an estate planning appointment for as little as $175 for a simple Will today, for peace of mind tomorrow?
By seeking professional legal advice, being clear in your intentions, and staying up-to-date with your Will, you can ensure that your estate is distributed according to your wishes, providing peace of mind for you and security for your loved ones. Remember, a well-crafted Will is a valuable gift you leave behind for your family and friends.
Disclaimer: This publication is not intended to be comprehensive, nor does it constitute legal advice. We are unable to ensure the information is current and there is no guarantee in relation to accuracy. You should seek legal or other professional advice before acting or relying on any of the content of this publication. The views and/or opinions expressed in this publication is that of the author and may not necessarily represent the views and/or opinions of RHC Solicitors.
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