There is no one answer about how to do your Will. It all depends on your assets, your circumstances and who your beneficiaries will be.
You need to make a will that makes your wishes clear, that avoids confusion and conflict amongst your loved ones, and that is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
Things you need to consider
Who will be your Executors?
Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld.
Who will be your beneficiaries and what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like, however if you don’t provide for your family and dependents, your will can be contested and your hard won assets used on litigation fees.
You also should consider the effects that an inheritance may have on your beneficiaries.
How do you know a Will is valid?
To be valid, the person making the Will must be mentally competent, the Will must be correctly signed and witnessed, and show no evidence of tampering. The witnesses to the Will cannot be beneficiaries, or related to beneficiaries and must be over 18.
If there is any doubt, or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the will and include it with your Will.
How often should I review my Will?
You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale, death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your Will every couple of years just to make sure that it is still the best instrument for you and for your family.
What is an Enduring Power of Attorney?
This is a legal document which is used to appoint someone to make financial, medical and personal decisions on your behalf if you were to become unable to make your own decisions, e.g. if you have failing cognitive health or lose capacity to make decisions. This may result of an accident or a slow general deterioration of someone’s capacity.
Some people argue that an Enduring Power of Attorney is more important than a Will because you are still living at the time it may come into effect.
We can help
We know the potential pitfalls, and will ask you all the right questions to make sure that you have considered every possibility. We can advise you as to whether you would be best with a Will or Enduring Power of Attorney. We can design your Will in such a way to help protect your family from expensive estate litigation after your death and we can safely store your Will and Enduring Power of Attorney in our secure vault.
What Packages Do We Offer?
|Enduring Power of Attorney (EPA)||$299||$499|
|Standard Will and EPA||$699||$1199|
Contact us to discuss your particular situation and your family’s needs.