As the cliché goes, there are only two certainties in life: taxes and death. With this in mind, it is extremely important to ensure that you have a Will in place so that when you pass away, your hard-earned finances and cherished belongings are distributed in a fashion that you are comfortable with. In addition, having an up-to-date and complete will, overseen by your solicitor, ensures that the people who mean the most to you – whether this be your children, partner, charities, or other relatives and friends – are allocated the finances and belongings that you intend.
As shown on the recently-aired SBS Insight episode “Where There’s a Will”, if your Will is not particularly clear, and particularly if it has not been crafted by an experienced solicitor, then it may be successfully challenged – causing financial hardship, emotional turmoil and unnecessary family feuds for your loved ones.
With this in mind, Freedman & Gopalan suggests you think about the following when deciding to create or update your Will, and speaking to our team about executing your Will…
What you should include in your Will
- You should clearly identify yourself as the creator of the Will and give enough information about yourself (such as your address) so that the document can clearly be identified as yours.
- You should clearly name the parties you wish to include your Will and, again, list sufficient information about them so that they may be clearly identified.
- You should also clearly state who you wish to be the Executor of the Will.
- What do you want to give away and in what proportion to each party? You should clearly list the assets you wish to leave in your Will.
- How do you want your assets distributed? You should think about the different situations through which this could occur – for instance, if one person passes away before another, how any assets left to them should be divided.
- When do you want these assets to be distributed? For instance, if you would like to leave an inheritance for a loved one who is currently a minor, you should think about clearly indicating at which age any assets should be distributed.
These are merely questions that you should think about to ensure you understand the significance of having a thorough, clear and well-crafted Will. If you are seriously thinking about creating or updating your Will, it is always best to speak to an experienced solicitor and have them discuss your various options.
If you have any questions regarding your current Will, or want to have a Will drawn up, fill out the enquiry box or give us a call on 02 8917 8700 and we will get back to you ASAP!