Many people wonder why they should write a Will. Obviously, the number one reason to draft a one is to ensure their asset distribution interests are known. And even though people can contest wills, it’s important to note that the Courts carefully consider original Wills and why the testator made the decisions. Therefore drafting a Will ensures your wishes for the asset distribution of your estate are known.
7 things to consider when drafting a Will:
1/ Make a list of your assets
Include all monetary assets and assets that may be of sentimental value to family members. Include any businesses you may have, and note if the assets are jointly-owned.
2/ Determine whom you would like to receive your estate
The beneficiaries of your estate can be relatives, friends, charities or other organisations. While pets can’t be beneficiaries, you can provide for them in the event of your passing.
3/ Decide if you want to exclude anyone from inheriting your estate
If you decide you want to exclude someone from your Will, it is wise to clearly and carefully explain why to avoid them contesting potentially.
4/ Consider choosing a Power of Attorney
Appointing a Power of Attorney or medical treatment decision-maker allows you to decide who makes decisions about your finances or medical care should you be incapable of making the decisions yourself.
5/ Legal guardians for your children
If you have children under 18, select who you would like to become their legal guardian after your passing.
6/ Choose an executor
Choosing the right person to be the executor of your Will is important. They make all the decisions regarding your estate and carry out all of your final wishes.
7/ Keep your Will up-to-date
Often things change. Executors have a change in circumstances, assets get sold, or you have a significant life event such as a marriage or divorce that impacts your Will. Therefore, it’s essential to keep your Will up-to-date.
Legal technicalities for Wills to be valid
Finally, there are several requirements to meet to make sure your Will is valid:
- You, as the testator, must be of sound mind when drafting and signing the Will.
- Sign the Will before two or more witnesses (who also sign the same copy).
- The Will must be in writing, and you have a hard-signed copy.
Wills & Estates lawyers in Geelong
We understand there are challenges and confusion that come with drafting Wills. Thankfully, our Estate lawyers in Geelong can easily guide you through the process of preparing one. Call (03) 5222 2077 or email firstname.lastname@example.org to set up an appointment to discuss your estate.