Almost 1/2 of all Australians don't ever hold a will. This is a large concern as it should leave many families and loved ones exposed to the stresses of managing a deceased estate without direction and not as effectively as possible. Possessing a shall is always better than not possessing one, however there exists some common mistakes that you should be aware of that should make your shall invalid. Here are some points of mistakes not to make in drawing up your will.
Tip 1: Is your shall up to date and current?
Times change, relationships change, circumstances change. A shall that you wrote 7 years ago like a happy married person with no children isn't going to be appropriate for you now when you are divorced with 3 children. You should update your shall at fewest every 3 years to make sure that that it stays up to date. You should also update your shall whenever there is a primary family event for example a birth, death or a marriage. A good method to help you do not forget to update your shall regularly is to hold it with your tax receipts such that when you do your tax every year you can jog your memory to ponder about your shall at the similar to time.
Tip 2: Is your Shall appropriately witnessed?
If a shall has not been signed or witnessed properly it shall be rendered invalid. Each state in Australia has slightly different rules about how wills need be signed and witnessed but like a general rule wills require 3 adult witnesses who are NOT potential beneficiaries or executors.
Tip 3: Is your Shall in a location where it shall be with no problems found?
If you passed distant today, should your loved ones have knowledge of where to retrieve your will? Make sure that you tell your family members where your shall is located such that they can be can locate it with no problems within the event of your death. A shall is no good to anybody if no one is can locate it! Ideally, you should have multiple copies of your shall in case any are lost or damaged. The original should be stored in a secure location for example in a safe deposit container or with your lawyer. You can also like to think about giving a copy to your chosen executor, your financial planner, and your accountant.
Tip 4: Have you included sentimental products in your will?
Make sure when you are writing your shall that you with specific instructions for products which shall not necessarily have monetary value, but have sentimental value to your loved ones. Often it is personal products for example photographs, jewellery and family heirlooms which cause the highest many strife in families where specific bequeasts have not been made. To stay away from family squabble, you should make a list of all your sentimental products and write specific bequeasts about to whom those tiems should be given. Alternatively you can release provision within the shall for beneficiaries to be can decide between alternate items.
Tip 5: Is your chosen Executor appropriate?
Many people appoint Executors of their Shall who are not suitable for the job. When selecting someone for the role of Executor, you need to make sure that that person is someone who is responsible, trustworthy, and physically can fulfill the role. You need to think about things for example age and geographic location (e.g. an executor who lives overseas shall locate it difficult to fulfill their duties). Whether you own someone in mind for the role, you should discuss it with them in advance to make sure that that their happy to your Executor. In addition you can like to think about appointing an independent person for example your lawyer to be a co-executor.
Tip 6: Should you use Do It You DIY Shall Kits?
Using a Do It You DIY shall kit is one regarding the highest many well-known methods of writing a shall in Australia. However, unless your situation is very straightforward you should be aware that there exists risks involved in writing that you own will. Often the wording of home-made wills can lend themselves to misinterpretation. Many court cases about wills arise where people have used a DIY Shall Kit and there is ambiguity. The advantages of getting a shall drawn up professionally is that you can limit the risk regarding the shall containing anything which shall be misconstrued and reduce the risk of someone contesting it. Of course, possessing your shall drawn up professionally is more costly but this value should be tiny in comparison to the likely future value of a court case.
Tip 7: Have you created your final wishes known?
Another issue that is an usual source of family dispute are funeral arrangements. Whether you own specific wishes about whether you need to be buried or cremated, or what kind of service you need etc. then you should specify these in your will. This avoids any family conflict by clearly stating your wishes. In addition, whether you should to be an organ donor, be sure to register on the Organ Donor Registry and discuss your wishes with your family.
Get more facts from a financial planner
For more facts about arranging or updating your will, or for a referral to a professional who can assist you in drawing up your will, be sure to speak to a Sydney Financial Planner at Financial Spectrum who can assist you.
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