Wills – What is there to think about?

No matter your age, wealth, or experience, there’s no denying the fact that it is important to have an accurate will as much as possible.

As opposed to the common misconception that’s it’s only for the rich and famous, a will is always going to be as helpful—even if you don’t have property, money, or assets. With the help of a will, you’ll have a document that can save your family and friends a significant amount of time, money, stress, and arguments in terms of what they’ll do with your assets and remains once you pass away.

Admittedly, it can be difficult to put a will together in the first place because the idea of facing your mortality and meeting your end isn’t the most pleasant experience. The problem with writing a will, however, is that it can be a fairly complicated process if you’re approaching it without the right knowledge in mind, especially if you’re dealing with Australia’s laws on the authenticity of estate documents. Fortunately, drafting a will won’t have to be a dreadful process once you’re well-aware of the following:

The perfect time to write a will

When it comes to picking a time to start writing your will, keep in mind that it is always better to do it earlier than later. Generally speaking, it is best to write your wishes at the earliest chance you get to do so because life is never certain. If you want to know the perfect time to write a will, below are several crucial stages in life to do so:

  • Once you’ve finally turned 18 years old and made a few significant investments
  • Getting into a serious long-term relationship that leads to moving in together
  • After you get married or re-married (marriage legally revokes the bearing of any drafted will prior to the marriage)
  • Going through a divorce or separation
  • Starting up or buying a business/franchise
  • Buying a house, building, investment, or any other significant asset

What to include in your will

Know that it can be quite confusing to figure out what exactly you should include in the will and what you shouldn’t. To make the entire writing process easier for yourself, here are a few ideas on what to include in your will:

  • Physical assets (property, cars, houses, jewellery, artefacts, and instruments)
  • Financial assets (bank savings, shares, investments, stocks, and bonds)
  • Sentimental assets (any items with significant emotional value, such as heirlooms and collections)
  • Knowledge of any outstanding financial debts or liabilities (loan balances and mortgages)

Picking your executor

Selecting the executor of your will is just as important as the document itself. The executor of your will is responsible for ensuring that all your desires are carried out in the exact way that you want them to and holds control over the assets until distribution. While there may be no exact formula for choosing the perfect executor, it is recommended that you entrust this responsibility to a family member or friend who is over 18 years old and someone you trust wholeheartedly.

Final words

Drafting a will is one of the most important tasks that you’ll ever have to undertake in your entire life because it is an investment in the peace of mind and security of both your loved ones and assets. If you live in the Balmain area in New South Wales and need expert services in drafting your will or contesting one, get in touch with Wilding And Co Lawyers today!

This article is intended to provide general information. You should obtain professional advice before you undertake any course of action.

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