Guide for Effective Estate Planning:
Writing a will requires careful thought and consideration to ensure that it accurately reflects your wishes for your assets and requests. Our comprehensive guide outlines the top 10 factors to consider when preparing to write your will, whether you are choosing to do it yourself or seeking assistance from a professional will writer.
Guardianship of Children: Secure the future of your children by nominating a guardian who shares your values, lifestyle, and religious beliefs. Consider their existing bond with your child, their family plans, and their ability to take on the physical, financial, and emotional responsibilities of guardianship. It is important to document your wishes regarding your children's residence, education, activities, and key values.
Assets: Create a detailed inventory of all your assets, including properties, vehicles, and valuable possessions. Identify whether you own these assets independently or jointly with someone else. Know the whereabouts of important documents like your property's certificate of title to avoid complications.
Cherished Things: Don't overlook the sentimental value of smaller items. Consider any specific cherished items you wish to gift to loved ones, such as jewelry or family heirlooms.
Appointing an Executor: Select a trusted individual or organization to be your executor, responsible for carrying out your final wishes. Ensure the chosen executor has the necessary time and knowledge to fulfill this role. Consider providing them with a checklist to help guide them during the process.
Beneficiaries: Identify the individuals, charities, or organisations you want to benefit from your Will. Ensure you have their names, contact details, and Australian Business Numbers (ABNs) for charities. Determine if beneficiaries will receive specific gifts or a share of your remaining estate.
Charitable Bequests: Consider including charities in your Will to acknowledge their support. Specify the chosen charity by providing their ABN to avoid confusion. Research options and consult an online charity directory for inspiration.
Funeral Instructions: Use your will to outline your preferred funeral arrangements, choosing between burial or cremation and specifying the location. Consider registering as an organ donor separately.
Managing Complex Circumstances: Tailor your Will to accommodate complexities within your family, finances, or businesses. Consult with a solicitor or professional will writer to ensure these circumstances are properly addressed.
Accountant/Financial Planner Details: Note down the contact information of your accountant and financial planner for your executor's convenience. This allows them to verify financial details and seek advice after your passing.
Enduring Powers of Attorney: Take the opportunity to prepare powers of attorney along with your will. Designate a trusted person to make decisions on your behalf when you are unable to do so.
For help or advice regarding your will appointment or writing process, feel free to contact us at 0491 638 552. Our team is ready to assist you.
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