Making a will is one of the most important things you can do for yourself and your loved ones. It ensures you know what will happen after your death. When you have an updated will, it makes sure there will be no questions about your estate in case of your demise. Not to mention sparing a bit of the emotional aspect involved that comes with finalising your estate after your death.
What would happen if you died without a will? Then you will be considered to have died ‘intestate’. Basically, that just means having died without a will. This will draw out the process of dividing assets, especially in the case of multiple people making claims. A few things you need to consider when writing your will are given to make it easier for you to understand the process.
1. Listing Your Beneficiaries
You can list beneficiaries in your will. These are the people you want your assets to go towards. An organisation can also be a beneficiary. Your assets include property, money and shares etc. You can also divide your assets between beneficiaries as per your wishes. However, keep in mind it is compulsory to provide for dependants. These can be your children or your spouse. If they aren’t properly provided for, it is possible for them to contest the will. For organisations, you can leave your assets to any charity you find worthy.
2. Nominating An Executor
This will be the person you can nominate to for the execution of your will. This person will also be in charge of your debts. They need to make sure your debts are paid back in full. Since this is a hard thing to do, you must ensure your chosen executor is a reliable person. Keep in mind that your family members may not be the ideal candidates. This is because of the additional emotional pressure it would place on them. Therefore, you might want to consider some other person – a close friend, trusted colleague? – as your executor.
3. Probate In Case Of Property
To administer a will, probate may be required. This is the official recognition of your will. This resolves all claims made and ensures the distribution of property. However, this isn’t always required, especially in cases of low-value estates. If a property is involved, probate is a requirement. It is best to have a solicitor aid the executor to help in navigating the probate process.
4. Up To Date Will
This point is as important as having a will in the first place. For example, circumstances of your relationships can change. Because of that, you want to change the beneficiaries of the will. To do that, it needs to be witnessed and recorded. Other cases where you should update your will are in case of marriage, children, or coming into a significant amount of wealth. You will need to decide on guardians for your children. You can name whoever you wish to be their guardians in your will. However, all changes need to be both witnessed and signed by two people.
Feeling overwhelmed? Don’t be. Talk to Conveyancer Sydney and let us help you logically plan your will that suits your wishes and your family’s future needs. For more information, contact us at 02 8084 2764.