Around 50% of Australian adults don’t have a valid will. This number is still much better than what you’ll see in the UK and the US countries but still brings in an immense scope of improvement. If you are looking to draft one for yourself, there are some points that you must consider while consulting with some will lawyers Brisbane.
This article will walk you through the basics and intricacies of a will to help you approach your will lawyer with a clear perspective. Let’s get started.
What is a Will, and Why Do you Need One?
Before you jump into the critical details of the will, it is essential to understand what it actually is. A will, also called the last testament, is a legal document that explains how your assets will be distributed after your demise. Basically, it should be one of the important documents you keep an eye out for once you turn 18.
Okay, but why do you need a will? To put it simply, it is the only document that can let you control your asset distribution once you are no more. It saves your family members from potential arguments and allows the jurisdiction system to understand your choices.
4 Things to Consider in Your Will
Now that you know precisely what a will is, it is time to look at 4 major points you must consider while planning this legal document.
1. Choose a Reliable Executor
An executor is a person who manages the maintenance and distribution of your asset according to the will. It is a work of great responsibility since it requires constant interactions with lawyers and financial advisors.
Therefore, you must appoint a reliable and trustworthy executor. If you have trouble deciding one, several will lawyers Brisbane can help you make the right choice.
2. Ensure a Safe Future for Your Children
The first instinct is always to nominate your partner as your child’s caretaker. However, you must make a provision for a scenario in which both you and your partner pass away. In such cases, you must nominate a trusted person to take care of any surviving children under the age of 18.
Ideally, it must be someone who is extremely close to your family and directly invested in your personal welfare. You must also discuss several elements of long-term care, welfare, and development of your children with your nominated testamentary guardian.
3. Don’t Forget Your Pet
You thought about your children, but who will care for your furry friend once you’re gone? Now is the time to decide. Ensure to nominate a person who knows or is at least willing to learn how to take care of your particular type of pet.
4. Dial Down on the Correct Beneficiaries
This might seem pretty obvious since it is the whole point of making the will. You must choose the right people and keep the list up to date to ensure that your assets go to only the people you want. The best part is that you can change the list of beneficiaries whenever you want according to the changing circumstances.
Summing It Up
These were the four points that you shouldn’t skip from your will. The last testament is a crucial document that decides what will happen to your hard-earned assets once you are no more.
You work so hard to accumulate wealth for yourself and your loved ones. Surely you’d want all of it to go in the right hands once you’re gone. Set up a meeting with one of the best will lawyers.