Preparing a Will can be complicated especially if you or your clients have specific needs.
Here are our top five tips to consider when writing a Will.
- Get professional advice – consult a solicitor, estate planner or trustee company that specialises in estate planning, such as us at AET.
- Choice of executor is vital – an important role of the executor is to communicate with the beneficiaries and also distribute the assets according to the wishes of the deceased (as outlined in their Will). An executor should be someone who can be trusted and will be reliable in carrying out the Will-maker's wishes.
- Once prepared, the Will should be kept in a safe place – executor(s) or family members should be informed as to the location of the original Will.
- A Will should be reviewed whenever personal circumstances or structure of asset ownership changes – for example, in South Australia, marriage revokes a Will unless that Will was prepared in contemplation of marriage.
- When including an organisation in your Will, it is essential to get the name of the organisation correct – if an organisation is incorrectly described in a Will, it is possible that it may end up not receiving the benefit or there may be significant legal costs incurred before it does.
For more information on Wills or estate plans, please speak to your adviser or call us on 1800 882 218.