Understanding the importance of planning for your future.
Did you know that more than half of Australians don’t have a Will? We understand it’s a tough topic and can be confronting but it’s time to shift that mindset!
A Will can offer your loved one’s clarity and peace of mind for when you’re no longer there.
There are many reasons for people not making a Will such as:
Being unsure who you should appoint as your executor
Not being able to agree with your partner about who should be guardian of your children
If you’re in a second marriage with kids from a previous relationship, and you aren’t sure who to distribute your estate to
It feels too confronting
Whilst these are all excuses, they aren’t valid reasons to put off making your Will. You still need one!
We’re here to guide you through every step of the way and make it as smooth as possible so you don’t have to worry.
Just like your home needs a strong foundation, having a legally valid Will is the foundational step to making sure your finances, assets, and family are taken care of in the future.
Think of your life as a big puzzle; your Will is the essential piece that completes it.
Time and time again, our clients tell us that sorting out their Estate Planning gives them peace of mind and relief.
So, take responsibility now and get dressed to protect your legacy.
WHAT'S INCLUDED IN A WILL?
Your Will explains what you want to be done with your assets and belongings, and who will be responsible for this after you die.
If you have young children, you can make your wishes known about who you would like to care for them when you are no longer able to.
LET'S LOOK AT THE IMPORTANT PARTS OF A WILL
Beneficiaries
When you're creating your Will, the first step you need to take is to pick who will inherit your assets - these people are named beneficiaries in your Will. It could be your partner, children, or a person who you trust.
It’s important to be clear and specify who gets what, and in what share.
Remember, in addition to money, there are many assets to consider. These include real estate, cars, financial accounts, trusts, life insurance, and superannuation.
You can also gift special items to individual beneficiaries, like jewellery, artwork, collections, and more. These items can be valuable or sentimental.
Executor
What an executor does is a common point of confusion, so let's explain.
Imagine the executor as the project manager of your estate when you’re not around. You’ll trust them to manage the administration and distribution of your estate.
They’ll be responsible for gathering assets, organising funeral arrangements, getting in touch with your beneficiaries, and assessing your estate’s overall value.
It's an important role. So it’s essential you pick someone reliable, organised
and trustworthy.
Looking after your children
If you have young children (under the age of 18), you can make it known who you would like their guardian to be, in case you and your partner can’t be there for them.
A guardian is someone who will look after your children until they turn 18.
In your Will, you can include instructions for your guardian, like wanting to keep your children with each other (if you have more than one), your desire for them to go to a specific school, or any other wishes that are important to you.
You can also direct your executor/trustee (if you create a trust) to use
your estate funds for the maintenance, education, and benefit of your children, until they are old enough to manage the funds themselves (at the age you choose).
WHAT IF I DON'T MAKE A WILL
Not having a legally valid Will can lead to complications.
Without a Will, A Court will decide the distribution of your assets and their decision might not align with your wishes.
This can also be an expensive and time-consuming process for your loved ones.
HOW TO START MAKING A WILL
To start making your Will and to make planning for the future as smooth as possible, it's a good idea to work with an estate planning lawyer.
At Law Team, we can draft your Will specific to what you want, and how best you intend to protect the financial well-being of your family in the future.
Creating a Will and Estate Planning is a wise and responsible move to secure your family’s future.
A well-structured Will is at the heart of this, offering clarity and peace of mind during a difficult time.
It’s a must-have to protect your legacy and make sure your wishes are followed.
Call us on 13 55 29 for a confidential chat or contact us.
Your loved ones will thank you.
Are you a small business owner? Find out what the recent changes to the Unfair Contract Terms laws in Australia mean for you.