Ever wondered what you need to make a will? Today we share the 8 most important things to keep in mind…
Making a Will – 8 Important Things to Remember
- Start by making a list of your assets such as cash, investments, family companies, family trusts, shares, vehicles, art, jewellery and other personal possessions of value.
- If you have infants, consider who you’d like to look after them if something happens to you and appoint them as guardian.
- Appoint someone responsible and trustworthy to be your executor, as they’ll be responsible for seeing that your wishes are granted, and that your body is disposed in the manner you wish.
- Make a list of your major debts, and keep in mind that these must be paid first before your beneficiaries receive anything.
- Take time when deciding who will inherit your property, and consider alternative executors and beneficiaries.
- Remember to meet with your estate lawyer every few years to review your will, as succession laws and family situations change.
- Keep in mind that some assets, like superannuation funds and life insurance may not be distributed in a will. Ensure that your nominated beneficiaries for other policies are up to date.
- Store your will in a safe place, such as via LawSpace, and give written instructions of its whereabouts to your executor.