8 tips to follow in preparing your Will
Eight tips to follow in preparing your Will
There are a few things in this life that signify that you are now officially an adult more than drafting a Will. Most people think that they don’t need a Will unless they have a large asset such as property, but that is not the case. As morbid as it sounds, drafting a Will is one of the most important decisions you will make to ensure that all your possessions go to the person you would want on your death and here are eight reasons why.
Every adult should have a Will!
The old saying of "you can't take it with you" is very real, unless of course, you build a huge crypt to be buried in and allocate enough space for all your worldly possessions. We all hope that we won’t need a Will until we are very old, but your family and loved ones will be happy that you took the time to draft a Will when your time on this earth is over. Drafting a Will provides you with peace of mind and full control of what happens when you are gone.
Having a Will may reduce chances of family disputes.
When you draft your Will you can control how your Estate (all of your assets and liabilities)are divided and reduce the chances that a tug of war between family members will occur. It would be naïve to assume that your family has the same views as you as to how you want your assets to be allocated, debts to be paid and your Will is your last say in how and who the property and assets that you have acquired over your lifetime will be distributed to, whether family, friends, charity or whomever you choose.
May prevents intestacy laws from stepping in.
If you die without a Will, you die Intestate. If you die Intestate you have no control over how your Estate will be divided, assets distributed or even guardians of your small children. If you die Intestate (without a Will) then Intestacy Laws will be used to settle your Estate. In short, the Intestacy Laws state that upon the death of a person where there is no Will the Estate is to be distributed under the intestacy laws. In QLD the first $150,000.00 will usually be distributed to your spouse. A spouse could be a wife or husband, de facto or civil partner and this includes same-sex partners.
General order of Administration.
- The deceased’s spouse
- Parents if no surviving spouse or children
- Options such as grandparents, aunts, uncles, siblings
- If no next of kin, then the Estate may be passed to the State
The Queensland laws of intestacy are outlined in Part 3 of the Succession Act 1981, which sets out the entitlements of the next of kin of an Intestate person.
Ensures care of minors and seniors.
If something happens and you pass away and leave behind children or parents that you are looking after, without a Will someone else will decide who looks after your loved ones in the future and you may have no say. It should be your decision who looks after your children if you should pass (if there is no surviving parent at the time).Picking a trusted family member or friend to look after any minor children will give you peace of mind knowing that your children will be looked after by someone that loves them. The same goes for your parents if you are their carer, you will want a say in what happens to them and have your thoughts considered.
Reveals all your assets.
Most people like to keep their assets and wealth a secret, but it can be very difficult when it comes to death. In your will, you list your assets so that the distribution of them is easier, transparency is a must when it comes to a Will, this ensures that your Executors and Estate Administration Lawyers can locate all of your assets. Ensuring that your assets are listed in your Will, allows for your Estate administration to take place if you have your affairs in order.
Provides clear instructions for handling liabilities.
It is not all money and assets when it comes to a Will. Unfortunately, there may be some liabilities left in your name on your death, and your Will advises how to look after these liabilities when you pass. Mortgages, loans and credit card debt will need to be settled by your Estate before anything can be distributed. You can spell this all out in your Will ensuring that your loved ones are left with a net amount after settlement of all of your liabilities.
Allows you to donate to charity.
If you have supported a charity or have a cause that is close to your heart, you can bequeath money or assets to them in your Will. Many people leave money or assets to charities in their Will and by doing so you can allocate a certain amount of your assets to the charity of your choice and know that they will receive what you wish for them upon your passing.
Provides your wishes regarding your Assets and distribution
Although this may seem obvious, in you your Will you will confirm the exact distribution of your Estate and to whom. This way you can allocate portions of your Estate to specific people, for example, you may decide to split your Estate evenly between your children, or you may have a certain property that you want to go to your brother. By having a Will you have the power to decide who gets what from your Estate.
Feel free to contact our Estate team at QC LAW on 07 5657 1928 or email [email protected].
QC Law can assist you in preparation of your new or updated Will. Check out our website at www.qclaw.com.au which provides our fixed fee simple Will process.