Why do we need a will? In basic terms, to document who you wish to provide for upon your death and how you’d like your assets to be distributed. Wills also allow you to specify someone you would like to look after your children or to leave special gifts and meaningful things to people or organisations you choose. They can include special instructions for a funeral, and typically name the person who will carry out our wishes.
If you don’t have a Will or if yours is not valid for some reason, what you would like to happen may not necessarily happen once you’re no longer here. This can leave the bereaved dealing with more than they need to during an already stressful time.
September is Wills month and a good time to review your current circumstances.
If you don’t have a Will and are thinking of getting one underway, here are our top 5 tips.
- Are you married or in a long-term relationship? Your relationship status will affect the ability to deal with your assets under your Will.
- Do you have children? Did you know that you have a moral obligation to provide for children under your Will?
- Do you own property? If you die while owning property, the Court must approve the person dealing with your estate.
- Do you have a Family Trust? Did you know your Family Trust can be a beneficiary under your Will?
- Do you have business interests? Have you considered what would happen to your business beyond your death?
If you already have a will, is it up to date? Does it reflect your current situation? Your financial or personal circumstances may have changed since you signed it.