10 Most Common Questions People Ask When Doing Their Will
Creating a will is an essential part of planning for your future, yet many people have questions about how to get started and what’s involved. Here are the ten most common questions people ask when preparing their will, along with straightforward explanations to help you navigate the process.
1. Why do I need a will?
A will ensures that your wishes are followed after you pass away. It allows you to control how your assets are distributed, appoint guardians for your children, and minimise potential disputes.
2. Who should be my executor?
The executor is responsible for managing your estate and carrying out your wishes. You should choose someone you trust, who is organised and reliable, as this is an important legal role.
3. What happens if I don’t have a will?
If you die without a will, your assets will be distributed according to the intestacy laws in the state in which you live. This may not align with your wishes and could result in lengthy legal processes for your loved ones.
4. Can I change my will later?
Yes, you can update or amend your will at any time, as long as you have capacity. Life events such as marriage, divorce, or the birth of children are common reasons to revisit your will. Or if you have previously left a gift for someone you no longer own.
5. How do I make sure my will is valid?
For a will to be legally binding, it must be in writing, signed by you, and witnessed by two adults. It’s a good idea to seek legal advice to ensure everything is done correctly, as you cannot amend your Will when it is needed, i.e. after your death.
6. What should I include in my will?
Your will should include details about how you want your assets distributed, any specific gifts or bequests, the appointment of an executor, and guardianship for minor children if necessary. As well as backup beneficiaries in case some or all of your chosen beneficiaries are no longer eligible due to their death, to receive their gift.
7. Can I leave my assets to anyone?
Generally, yes, but certain people, such as your spouse and children, may have legal rights to claim your estate if they feel they’ve been unfairly excluded.
8. What is a residuary estate?
This is what remains of your estate after all debts, taxes, and specific gifts have been distributed. You should state how you want this portion of your estate to be allocated in your will.
9. Do I need to leave money for taxes or debts?
Yes, your estate will be responsible for settling any debts or taxes before your beneficiaries can receive their inheritance. It’s important to consider this when dividing your assets.
10. Where should I store my will?
You should store your will in a safe place, such as with your solicitor or in a secure document vault, and make sure your executor knows where to find it.
Making a will is a vital step in protecting your family and ensuring your wishes are respected after you pass away. Taking the time to create a well-prepared will can give you peace of mind and reduce stress for your loved ones in the future. Call (03) 9028 7603 or Email us at info@hazelegal.com.au. Let us help you.
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This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.
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