We often put off writing a Will for too long. Nobody wants to think about what will happen they die, but it's in your best interests to make sure you provide for your loved ones.
You know you need to write your Will, so here are eight things you need to consider when you're getting started.
1. Who will be your Executor to administer the estate?
Your executor should be someone you trust who is capable of dealing with complex legal and financial financial matters with the assistance of professionals like Lawyers and Accountants. They will administer your estate and oversee the distribution of your assets according to your Will.
You should remember that the role of executor can be very time consuming and your executor can also be a beneficiary. An experienced Will Lawyer can advise you on choosing a good executor.
2. Who will be your beneficiaries?
Remember that there are no right or wrong ways to distribute your assets. Your beneficiaries can be whoever you want. Your assets are yours to distribute however you choose.
3. What will happen to any pets you have?
If you have trusted friends or family who can care for your pets, you can put a simple clause in your Will to leave your pet to them. You may also consider leaving them a sum of money to assist in caring for your pet. Make sure you discuss this with them before making your Will.
There are also charities which can re-home or care for your pets when you die; these usually take a gift of money to cover the associated costs.
4. Do you have sentimental items you want to go to particular people?
Inheritance isn't just about monetary value; most people have sentimental items which they want to leave to particular people. These can all be listed in your will along with your intended recipient.
5. Do you want to leave any money to charity?
Many people choose to leave some money to a charity or charities once they have provided for friends and family. If there are charities or causes you feel strongly about, then you may want to consider leaving them a bequest in your Will.
6. Who will look after your children if you and your partner die?
You can appoint a testamentary guardian in your Will who will make decisions about the long term care of your children. They will also be responsible for their daily care and control of any surviving children under the age of 18 years.
You should discuss this with the person you want to be the testamentary guardian and get advice from a Will and estate Lawyer in Melbourne.
7. Does one of your beneficiaries have a disability?
If one of your beneficiaries has a disability, then a Disability Trust Will may be the best option to provide for their care.
This type of Will can be quite complex, and you should get the advice of a Will Lawyer to ensure it is set up correctly.
8. If your estate is large, would a testamentary trust be better?
A Testamentary Trust Will is a type of Will which creates a Trust or Trusts when you die which holds your assets. Your beneficiaries can then be paid an income from the Trust.
The advantages of this type of Will include protecting the assets held in the Trust from a range of situations and providing tax benefits. Because these can be quite complicated, you will need the advice of a Will and Estate Lawyer in Melbourne.
Get legal advice from Will and Estate Lawyers in Melbourne
At Rose Lawyers, we have a great deal of experience handling all kinds of Wills, from simple to very complex. Our Will Lawyers can advise you on the all the things you need to consider and ensure your Will is correct and complete.
Get the right advice and enjoy peace of mind. For more information, call Rose Lawyers on 03 9878 5222.