First, write down a list of all the assets you can think of. Don’t limit yourself to financial assets; Wills are also comprised of real property, personal belongings, family heirlooms, and anything else you can think of that you’d like to gift to your future generations. While many lawyers will write a Will, this is not a guarantee have the knowledge or expertise of a full-time Wills and Estates Lawyer. Paralegals are helpful in that they can often provide assistance in filling out and signing a Will.
If you leave your estate to more than one beneficiary, you can divide your estate into any sized portion you choose, as long as the total equals 100%. After your gifts have been allocated and your debts are paid, your estate can be distributed to the beneficiaries of your choice. Now nominate your beneficiaries, along with the percentage of your estate they will receive when you die. Gifts may be sentimental, such as jewellery, collections or art, along with common gifts such as a specific cash amount, or shares. Using the Bare free Will service, here’s how to make a Will online, in 8 easy steps. Once completed, your will should be kept in a safe and secure location.
Other superannuation funds permit you to choose a beneficiary through a “binding death benefit nomination”, which allows you to indicate your preferred beneficiary. This “binding death benefit nomination” often lapses after 3 years, so it is best to check with your superannuation fund regarding their individual fund rules. You should read over the kit in full before you start – so you know what information is needed (your assets, gifts, donations, Executors, possible Guardians, etc.). Don’t rush this process – you may want to list the information over a period of time in case you miss something or someone. A Will that allows for specific gifts (if any) then leaves the balance to the Will maker’s children.
A guardian is a person who assumes legal, moral and financial responsibility for your children and pets if you and your spouse pass away. Having a clear guardianship plan ensures your wishes for them are carried out and can help avoid unnecessary court involvement or further disruption to your dependents’ lives. But the problem with a joint will is that it’s impossible for the surviving spouse to change the will after one spouse dies. To avoid this, you and your spouse need mirror wills—they’re almost exact duplicates of each other and give you the flexibility for future estate planning if one of you dies. A living trust makes it possible for you to transfer property and assets to your chosen beneficiaries without going through the probate process, saving your loved ones money and time. If your will is probated, it becomes part of the public record. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners.
By storing your Will online, it also becomes easy to locate and accessby your designated friends or family members when the time is right. Thereis no need for them to try to locate your Will, which may have been documentedon paper and stored in an unknown location, or perhaps destroyed by a tragedysuch as a house fire. Your written confirmation provides strong evidence that your decision was made with great thought and understanding and clarifies your wishes. All money from these sales goes into a “pot” known as the residual estate.
Cons of DIY Wills:
If you die without a will (called dying “intestate”), the law dictates who will receive your assets after you die. To prevent this, ensure your beneficiary designations are current, particularly for tangible assets such as personal property. Assigning valuable assets individually can help avoid potential disputes among heirs. Making your own will is simple, but you must gather documents to understand your assets, where they are, and who you want to leave them to. While this notarized document may be the easiest way to create a will, it isn’t the most effective way to fulfill your final wishes. It may not even meet all the legal requirements nor be legally binding.
