Estate Planning: What to Include in Your Will

The reason many people fail to create a legally binding Will is that they don’t know where to begin. Yes, you can use a basic kit but you are likely to end up with ‘holes’ that leave your family feeling confused and with a potential dispute on their hands.

To prepare a thorough Will, it makes sense to work with an experienced professional. Before you get started, here are some of the things to think about.

What to include in a Will: Top questions to answer

Here are some of the basic things to consider to begin with:

Who will be Executor?

It is vital to have an executor for your Will.

The executor manages the conditions of your estate after you have passed. They can be a person or an organisation, and they are responsible for ensuring that the instructions in your Will is carried out.

Many people appoint executors from outside the family because it is a time-consuming and complicated job, and it can often cause emotional stress.

It is also wise to name a substitute executor who can step up if your first choice is unwilling or unable to carry out their duties.

What assets do you have and wish to pass on?

Your Will should have an extensive list identifying all your assets you wish to give to selected people.

The more comprehensive you are in naming all assets like properties, vehicles, shares, or valuables, the easier it will be for them to go to the right people.

It may take some time to get clear on what you own but you can prepare the list over a few weeks and update it as necessary. Think about your most sentimental belongings as well as valuable assets, sometimes these are more meaningful to people than big-ticket items.

Who are your beneficiaries?

Your Will must outline exactly who will receive the proceeds of your asset and estate.

Beneficiaries are not necessarily family members or friends. They can also be charitable organisations or other entities to which you intend to donate.

It is also a smart move to cover the possibility of a beneficiary dying before you do. If you have left a large sum to a sibling, for instance, but they pass before they are able to inherit, it’s wise to have a second person or entity in mind.

Who will get custody of your children and pets?

Parents or guardians of children who are still under 18 need to name new guardians in the event of their passing. Failing to do so may result in the children going into government care.

While not as serious, the care of any pets should also be covered in your Will to ensure that they are taken care of.

Should you establish a trust?

If you have younger children or care for someone with a disability, you might also consider establishing a trust that will assist them as they go through life. A professional Wills and Estate lawyer can work with your accountant to set this up.

What will your funeral arrangements be?

Your Will should outline your desired funeral arrangements, whether you wish to be cremated or buried, whether you wish for a religious or secular service and other such details.

This way, your family and friends know they are sending you off in the manner that you desired. It makes the process of farewelling you much easier.

How will people access your accounts and digital profiles?

In this day and age, it is helpful to have a record of all your digital accounts and profiles so they can be closed and taken care of after your death.

Who can help to formalise your Will?

Wills are complicated and legally binding.

Failing to seek professional assistance can cause problems when it comes to the fulfilment of your wishes.

It can be very easy to overlook small details or miss sections in the paperwork that make all the difference.

The last thing you want is your beneficiaries squabbling over the details of your last wishes. Have your Will prepared or reviewed by a skilled professional and you’ll have peace of mind that it is legally binding.

Give yourself and your family peace of mind. Reach out to Crest Lawyers to start preparing your Will today.

Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.