A will is something that everybody needs but nobody likes to think about. As a result many people die without a will (intestate) and as such allow the rules of intestacy to govern the distribution of their estate rather than ensuring that their estate is distributed in accordance with their own wishes.
By avoiding your will you may leave a mess behind for your family to deal with.
How to Create a Legal Will
Fortunately, it is very easy to create a legal will and in doing so have your final say in relation to the distribution of your estate. This should make things easier for your loved ones at what will be a difficult time for them.
To be legally binding in Australia, a will must not only be in writing and signed by the person making the will but must be witnessed by 2 adult witnesses who themselves cannot be potential beneficiaries under the will.
The 2 witnesses have to be present at the same time and see the person making the will execute the will and then see each other witness the will.
It is also strongly recommended that each of the people signing the will – the maker and the 2 witnesses use the same pen to ensure that there is no indication that the witnesses were not present at the same time as the will maker when he or she executed the will.
We strongly recommend that you seek professional advice from your lawyer in the preparation and the execution of your will. This will best protect your wishes and your beneficiary after your will speaks after your passing.
We also recommend that when any of your personal circumstances change that you meet with your lawyer to review your will. Your lawyer will also discuss the need for Powers of Attorney and for providing for a family member or a close personal friend to make decisions for you in the future if you were to become frail and or of unsound mind.
Planning is all about trying to address any possibilities that may arise in the future and ensuring that you will receive the best care and attention
Consult With a Financial Planner
At the time of preparing your will it is also recommended that you have your lawyer and your financial planner work closely together to provide you with the maximum protection and also protect your family and other beneficiaries.
We recommend that you engage with a financial planner from Bridges Financial Services and if you do not have a lawyer then enquire of friends and contacts as to who they recommend.
This article provides general information only and should not be relied upon as financial product advice.