Effective Will Drafting: Ensuring Your Wishes Are Honoured
A well-drafted will is one of the most important legal documents you can have. It ensures that your wishes are carried out after you pass away and provides clarity for your loved ones during a challenging time. Without a valid Will, your estate will be distributed in accordance with a legal formula and not according to your preferences. This can lead to disputes, confusion, larger legal costs to be borne from your estate and a higher risk of family provision claims.
1. Understand the Purpose of a Will
A will outlines how you want your assets, including money, property, and personal belongings, to be distributed after your death. It can also appoint a guardian for any minor children and nominate an executor who will be responsible for carrying out the terms of the will.
“The key goal is to make sure that your wishes are followed, and the process for your beneficiaries is as smooth as possible. ”
2. Clearly Identify Your Assets
Listing your assets comprehensively is crucial. This may include real estate, bank accounts, investments, personal property, and digital assets like online accounts. Being thorough prevents disputes and ensures nothing is left unaccounted for.
3. Appoint a Reliable Executor
The executor of your will plays a critical role in ensuring that your wishes are carried out correctly. This person should be trustworthy, organised, and able to handle the responsibilities of managing your estate. They are responsible for organising your organising your funeral, identifying all of your assets and paying your debts. You can also appoint a professional executor, such as a lawyer, if you believe that’s more appropriate for your situation.
4. Choose Your Beneficiaries Carefully
Naming your beneficiaries—those who will receive your assets—is a key aspect of the will. Be specific about who receives what to avoid any ambiguity. Also, consider contingencies, such as what happens if a beneficiary passes away before you.
5. Consider Guardianship for Minor Children
If you have children under 18, your will should specify who you would like to take care of them in the event of your passing. This is one of the most important decisions you can make as a parent, and it’s essential to discuss your choice with the person you’re nominating.
6. Include Residual Clauses
A residual clause specifies what should happen to any remaining assets not specifically mentioned in your will. This can prevent issues where an asset you didn’t include or acquire later is left in legal limbo.
7. Review and Update Your Will Regularly
Life changes—such as marriage, divorce, the birth of children, or the acquisition of new assets—should prompt you to update your will. Reviewing your will periodically ensures it reflects your current circumstances and wishes.
8. Consider Protections and Safeguards
Consider the individual and specific needs of your beneficiaries.
If your beneficiaries has:
Disability with centrelink supports;
mental health conditions
substance dependency issues;
a risk of bankruptcy; or
a risk of experiencing divorce;
Then you might need trust protections to ensure your gift to them under your Will is protected.
9. Get the Formalities Right
For your will to be legally binding, it must meet certain legal requirements. In Australia, a valid will needs to be in writing and signed by you and two independent witnesses, all present at the same time. It's crucial to ensure your will meets these legal standards to avoid challenges in court.
Having an effective will is essential to ensuring your wishes are respected and your loved ones are cared for. If you need help drafting or reviewing your will, the team at Connected Legal + Commercial is here to guide you. Contact us today to discuss your estate planning needs and get peace of mind for the future.
DISCLAIMER
The content given herein is provided for information purposes only. It is general in nature and does not constitute legal advice and should not be used as such. Formal legal advice should be sought in particular matters.
Connected Legal + Commercial does not accept any liability to any person for the information (or use of such information) which is provided herein or incorporated into it by reference.
The information is provided in good faith on the basis that all persons accessing the content undertake responsibility for assessing its relevance and accuracy and will seek appropriate formal legal advice accordingly.