It’s the thing that nobody likes to think about – creating a will. However no matter what stage of life you are at, creating a will can be one of the most important things that you do. The team at Resolve Conveyancing are here to help you create or amend your will to ensure that your assets and your loved ones are protected.
A will is a legal document that enables you to decide how you want your property and assets distributed in the event of your death. As the testator – the person whose will it is – you would normally nominate someone you trust as executor. The executor is responsible for ensuring the distribution of your estate occurs according to your wishes.
If you die without having made a will, you are said to have died intestate. This means that the distribution of your assets occurs through intestacy law – which may not be the way you would have preferred. The result of this may be additional stress to your loved ones during a time which will already be incredibly difficult.
In order for a will to be valid, the following is required:
- The will must be in writing.
- The will must be signed by the testator.
- The testator’s signature must be witnessed by two witnesses (a beneficiary cannot witness a will – if they do the will may be invalid).
- The witnesses must sign the will in the presence of the testator and each other.
When you are creating your will, it is important to consider the following:
This does not only relate to the people or person you would like to receive all or part of your estate when you die. It is also important to consider who will benefit if your first choice beneficiary predeceases you. This is particularly important in the case of your family; including your spouse, your children and your grandchildren.
You should choose two executors – someone who is unlikely to predecease you, and an alternative executor. It is important that the executor be someone who understands your wishes. The technical side of managing a deceased estate is usually easily handled, provided your executor is aware of the services that can be provided by professional solicitors, financial planners and accountants.
It is possible that some assets may be held for some time in trust for beneficiaries who have not yet reached the age you nominate for them to receive the bequest. You should nominate a trustee for these assets and also set guide-lines regarding authorised investments.
You may wish to consider leaving certain items to specific individuals, and document these bequests in your will.
It’s essential that your will is kept safely in a place, preferably one known to your executor.
To see how you and your loved ones may be affected in the event of your death, feel free to run through our scenario calculator below. You will soon discover the importance of protecting your loved ones, and your assets.
That’s why the team at Resolve Conveyancing is here to help – we can work with your broker and Financial Planner to ensure that all aspects of your personal situation are taken into consideration and your will is structured to your specific needs. Talk to us today, and let us help you protect the ones you love.