If you are over the age of 18 and do not have a Will, please consider attending to preparing one as soon as possible. As you are aware, it must be a written document outlining your wishes in relation to how your assets should be distributed subsequent to your debt. The document should be witnessed by two independent witnesses and should also outline who your Executor/ Executors would be.
Of course, dealing with debt and managing the Estate of the people who we love are two things most of us hate to think about. However, it is imperative that you think about your options as to how it should be distributed after your debt so that all your hard-earned money and assets can in fact be left for your loved ones rather being taken by your Trustee or distributed according to the eligible persons applying for any interest in the Estate.
What more can a Will include apart from money and assets?
In this day in age, a Will should also include digital assets, frozen eggs and sperms, social media and pets.
The things to consider should also include your assets that you may have forgotten to include otherwise. For example, when it comes to Facebook, would you want your account closed or become memorandum after your passing? Do you have a Facebook business page that would need to be managed? Accordingly, the Legacy Contact is the person you can appoint in your Will and who can access your account and carry out your wishes in the event your death occurs.
Do you have a Paypal account, a Bitcoin balance, investments in Acorns or an Ebay store?
If any of these accounts are of value or holds money in them, then you need to stipulate what happens to those accounts including who will manage them and have access to them after your death.
If you are a photographer or a blogger, your writing or images can be part of intellectual property and as such, you will need to incorporate these properties into your Will.
Do you have pets?
If so, those fury mischief makers should be dealt with in your Will. Otherwise, pets of deceased persons may end up in rescue centers where they rely on the goodwill of strangers to provide them with a foster home.
Do you anticipate having children in the future?
If you are young and anticipate having children in the future, it would also be wise to have your eggs or sperms frozen so that in the unfortunate instance of your spouse or partner passing away, he or she then provides you access to that property in order for you to have children subsequent to that person passing away.
It is imperative that you consider your options before finalizing your Will. If you wish to amend your Will or reconsider your Will being redrafted, please do not hesitate to contact us on 02 8917 8700 or fill out the enquiry box, and we will get back to you ASAP.