When you are younger, writing a will is likely very low down on the list of priorities. The challenge with that ideology though is we are never sure when it will be our time. If you have assets or money at your disposal, then you want to be sure that it goes where you intended it to, if the worst should happen. Without a will, your assets and wealth are at the mercy of the law, which may not be what you want. The process of writing a will is fairly straightforward, but not something everyone is aware of. To get a better grasp of what is required to begin your will, consider this simple guide.
Advice is a good thing
Taking advice on your will doesn’t mean asking your family who should get what, as that will likely lead to a potentially awkward conversation. Gathering advice from lawyers in Melbourne is, however, a very good idea. The law can be difficult to understand without the benefit of practising for many years. Consulting with a lawyer about your will and intentions is a great way to gain clarity, not only on the process but how to frame your will as well. Simply stating where assets should go, might not be enough, especially if there is a legal loophole. Lawyers are best placed to advise on your individual case and help you craft a will that will ensure your assets and wealth go where you intended them to after you pass away. Don’t take a chance on your interpretation, let an expert guide you.
Find an executor
Finding someone to execute your will after you pass away is an incredibly important decision to make. There are a number of factors to consider, such as your relationship with the person, any personal interests they may have, their age and many more. Simply choosing your partner or sibling may not be the best choice for your will. The executor is responsible for ensuring that the division of your assets is carried out per your wishes, therefore trust is a major factor in that decision. Another important consideration is the complexity of your will. If you have a number of assets to be divided or complicated liquidity issues, then finding an executor with those skills is probably a fantastic idea. Take the time to make this decision properly and always ensure there is someone who can back them up if you outlive this person.
Pay attention
Getting assistance in writing your will is very important. An improperly written, witnessed or signed will won’t be legally binding. Take the time to write your will properly, as per the legal requirements. Then allow plenty of time to have your will witnessed and ultimately signed to ensure its binding. The last thing your loved ones want to deal with is a dispute over assets because your will doesn’t stand up in court. Often times there are free will services to help check over your will to ensure its validity. If you are at all concerned once you’ve prepared your will, do some research to find a support centre near you.
A lot of people think of a will like a long term task that can be put off for a while. Unfortunately, we don’t have a crystal ball to know when our time may be up. It’s critical to take some time as soon as you can to think about the division of your assets should you pass away. Writing a will doesn’t have to be a morbid discussion, but rather an insurance policy to ensure you can look after your loved ones as you intend. Instead of putting it off another day, use this guide to help start the process of writing your will today.
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