The Top 5 Things You Should Include in Your Will
Almost everyone, at some point in their lives should seek legal professional in order to have their will written. A will is a legal document that outlines the final wishes of an individual and what happens with a person's assets when they pass.
What you end up including in your will is really up to you and what you want to happen after your death. While it might not be the most fun topic of discussion, there are certain things that must be included if you want your wishes to come true. In this blog post, we'll talk about the top five things that should go into every last will and testament!
1. Name your executor
This is the person who will be responsible for carrying out your wishes after you die. You'll want to choose someone you trust implicitly and who knows what you want. The executor's role will be to make sure your will is executed according to your wishes and all your assets are distributed according to your estate plan.
They also are the one who deals with any legal challenges that may arise.
You should also name an alternate executor in case the first person is unable to serve.
If you have any doubts about who should be named as your executor, you can name a trust company as your executor and they will distribute your assets according to the instructions in your will
2. Name your beneficiaries
This is the list of people who will inherit your assets after you die. You can be as specific or as vague as you want, but it's important to have this list in writing.
3. Choose your guardian
If you have children under the age of 18, it's important to name a guardian who can raise them should something happen to both you and your spouse.
4. Make your wishes known
If there's something you want done after you die, like particular funeral instractions, for example being buried in a certain cemetery or donating your organs, make sure you include it in your will. What you want to happen is just as important as who gets what!
5. Allocate Assets
Include a list of assets and their values.
If you have bank accounts, property, or other assets that must go to a specific person, make sure to include it in your will. What you own is yours to do with as you please, but it's important that your wishes are known.
Things to include would be:
Real estate
Money
Family heirlooms
Superannuation fund
Life insurance policies
Specific gifts
Other relevant financial affairs
If you want your last will and testament to be executed in accordance with your wishes, make sure you include these five things! What's most important is that everything is in writing.
In order to make your sure your will is legally binding and your family members are not left in a complex situation, you should make sure that you obtain specific legal advice when preparing all legal documents within your overall estate planning solution. You should always seek advice from a qualified lawyer before signing any legal document.
Some more information about wills and estate assets...
How to write a will in Australia
When it comes to writing a will, there are specific things you need to take into account when living in Australia.
The first step is to find a lawyer who specialises in will writing. They will help you draw up a legal document that reflects your wishes and is binding under Australian law.
There are different types of wills, and your lawyer will help you decide on the best type for your situation. The most common type is a testamentary will, which is a will that comes into effect after you die.
Do you need help or advice?
If you have any questions about will writing or estate planning in Australia, please don't hesitate to contact us. Our lawyers are more than happy to help you get started on creating a will that reflects your wishes and is legally binding under Australian law.
Do your loved ones know where to look for your will?
It's important to make sure your loved ones know where to find your will in case something happens to you. If it's kept with your lawyer, make sure that your other family members have their contact details. You can also store a copy in a safe place like your bank or at home.
Who can help write a will?
You don't need to be a lawyer in order to write a will. What's most important is that you know what you want, and that you have a properly executed legal document that reflects your wishes and is binding under Australian law.
Writing a will can be complicated, but it's crucial that you have clarity on what happens to your assets after you die. What's most important is that everything is in writing, so make sure to include the necessary information!
If you need help, and you want to make sure that you will is legally binding then feel free to contact us for assistance.
Contesting a will
Contesting a will is the process of challenging the validity of a will. This is done by filing a lawsuit in court, which disputes how or why someone wrote their last will and testament.
There are a few different reasons why someone might contest a will:
- The will was not made by the person who died.
- The person who died was forced or tricked into making the will.
- The person who died was not of sound mind or had diminished mental capacity when they wrote the will.
- There is evidence that proves undue influence. This means someone who used their relationship with the person who died to get them to write a will in their favour.
- The will was not signed or witnessed correctly.
- There is evidence of fraud.
Generally speaking, it is more beneficial to have your will written up earlier in life to avoid some of these issues. If you do this it is also important that you regularly update your will as your circumstances change.
If you have any questions or would like legal advice on contest
Every state has different laws for contesting a will, so it's important to seek legal advice if you have any concerns.