7 Keys to an Effective Will
- Revoking earlier wills – Your will needs to revoke any previous Wills.
- Dealing with your assets – Your will needs to reflect your testamentary wishes and deal with all of your assets. Estates vary in their size and their complexity and can consist of personal items, vehicles, boats, residential properties, commercial properties, trusts, companies, businesses, investments and much more. Some assets need to be dealt with in a particular way to ensure your wishes are carried out so a well drafted Will needs to deal with all your assets.
- Having the right witnesses -There are legislative rules about who is permitted to witness the signing of a Will. A legal professional can provide you with advice and assure the signing of your will meets the rules .
- Keeping your will current – While wills don’t have an expiry date, over time your circumstances change. You purchase and sell assets, get married, divorced, have children and grandchildren, move town or city and beneficiaries or executors may pass away so even a well drafted will requires updating when circumstances have changed .
- Thinking about unexpected circumstances – some issues that can be overlooked with making or reviewing a will are how to deal with beneficiaries with potential financial difficulty or even bankruptcy, how to deal with loans you have given to others that need to be repaid and many more. That is why it is important that you discuss your options with a solicitor and obtain advice .
- Providing alternatives – An effective will provides for alternative options if an executor or beneficiary passes away before you.
- Not putting it off too long – You must have the mental capacity to make a will. Your physical health can impact upon you making a valid will and you need to be able to demonstrate that you are aware of your assets, what you are gifting and any legal consequences which may come from your gift. Putting off making a will can cause problems if you lose capacity or unexpectedly encounter health problems.
We pride ourselves on providing our clients the most up to date and professional legal services and advice and our friendly team are available to assist you with all aspects of estate planning.
Written by Dane Lang & Craig Donnelly
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