Making a will in one’s lifetime is beneficial for those who are dependent on the person making the will. It can help reduce the stress and emotional issues which often occur at the time of death. It’s an opportunity to make provision for those you love.
Those who fail to leave a will risk their assets distributed according to the fixed formula devised by the law. This formula is by no mean what one would want when making provisions for loved ones. This is why it’s important to have a will designed by solicitors in Gold Coast.
Things to keep in mind when designing a will
- Before you start drafting a will, make sure you have a list of all the assets or liabilities that you own
- Make sure you know about all the debts which you have acquired in the form of mortgage payments, credit cards and bank loans
- All the assets like property, bank accounts, jewelry and other valuables should be kept in mind
- In order to execute the will it is necessary to ensure that you have the rightful ownership of all the assets mentioned in the will
- Choose the beneficiaries when designing the will. You have an option to choose a single or multiple beneficiaries
- Choose an executor for the will. The executor is responsible for administering the estate according to the will once the maker of the will passes away.
Choosing the right executor
When choosing an executor, keep the following things in mind
- They should have the skill and experience working as an executor
- Are willing to undertake the responsibility of managing your estate
- Should know all about the legal responsibilities which they are about to undertake
- Should have the time to carry out the task assigned to them
It’s important to choose the right person to be the executor of the will choosing the wrong person can result in conflicts and issues which can be emotionally stressful for the family members of the deceased.
Writing a will
No two wills are same. Each will is unique and should pertain to the circumstances and financial assets of the person designing the will. A will should always be made keeping the following legalities in mind:
- The person writing the will should have the testamentary qualities and should be over eighteen year of age
- The will should be made under the supervision of two adults and signed by them as well
- The will should contain the wishes of the person writing the will
Qaulified Gold Coast based solicitors can help make a will making sure it’s done under the right legal proceedings.
Updating a will
It’s necessary to keep updating a will. Events like marriage, divorce, death of one of the beneficiaries all have an impact on the will. This is why it’s important to have a will designed by a lawyer. They would help you through the complete process.