Whether you’re young and living alone or married with grandchildren, you should be planning for the future and ensuring that your estate and loved ones will be looked after and cared for after you’re gone. Preparing a will and planning your estate can feel overwhelming. That’s why we recommend speaking with a professional to ensure your will is comprehensive and legal.
When should you make a will?
There’s a misconception that you need to be old or have a large estate to even think about making a will. The truth is, the earlier you create your will, the better. Even if you feel you don’t have any assets to leave behind, planning ahead can save you and your loved ones a lot of time, stress and heartache in the future.
How to prepare a will
There are a number of ways to go about preparing your will. You can download a free will kit online or visit a lawyer who specialises in wills and estates. Before you begin, you will need to consider a few things.
What assets and liabilities do you have?
This can include money you have in bank accounts, property or investments, as well as any debts you may have.
Who do you wish to appoint as the executor of your estate?
An executor is the person appointed to manage the distribution of your estate. They will be responsible for gathering in the assets of your estate, paying any debts, and distributing the remaining assets to the beneficiaries under the will.
If you have children under 18, who do you wish to appoint as their guardian?
This can include money you have in bank accounts, property or investments, as well as any debts you may have.
How do you wish to distribute your estate?
This can often be one of the most difficult questions to consider. If you have a large estate or a number of people who you wish to include in your will, you will need to decide how you want to distribute your assets. That means deciding who will receive each part of your estate.
What happens to your estate if you die without a will?
When a person dies without a will, they are said to have died ‘intestate’. If this happens, the law sets out how your estate will be distributed between relatives. If you have no eligible relatives, your estate will be passed to the State. Dying intestate can create a lot of issues, as the law may not account for dependents or friends of the deceased who may otherwise have been included in the will, and in many cases will not reflect the actual wishes of the deceased. Another good reason to make a will.
How can a notary public help you?
A notary is a person appointed as a neutral, third party to witness the signing of important documents, as well as to certify true and correct copies of original documents. Notaries are appointed by a Superior Court of a State or Territory, except in Queensland where notaries are appointed under common law by the Archbishop of Canterbury.
A notary public can play a significant role in the creation of your will, as the legal document will undoubtedly need witness signatures to become legal. A notary can witness your will and ensure it has been prepared correctly. Wills that have not been prepared with the help of a legal professional or notary can be easily contested, which can cause a lot of additional stress and heartache for your loved ones.
