Planning your Will can feel like a daunting and difficult task and often gets pushed back into the ‘too hard basket’.
Deciding what will happen in the event of your death may not be something you want to think about, but it is important to consider and prepare a valid will.
Nothing in life is guaranteed and taking the time to create a will is important for your peace of mind, ensures your assets will be distributed as you wish, and will ease the burden on family and friends in a time of grieving.
Anyone over the age of 18 years should have a will in place. It does not come down how many assets you own.
Once you have a Will in a place, it is important that you review the document annually and ensure it is kept up to date.
It is important for any individual to be fully informed of how matters will work upon passing. It is then up to the individual to choose on how they wish to proceed and what plans they would like to make.
If you are not sure where to start, an experienced solicitor can assist you in creating a valid will and will help you to ensure all of your affairs are in order.
Steps to planning your will
Depending on your assets, their structure, and your family, creating a will can be a complicated process. A lot of clients do not appreciate all the aspects that must be considered.
While the preparation of a will is unique to each individual and their circumstances, there are some basic steps that provide an overview of the process:
1. Speak with a solicitor with experience in preparing Wills.
2. Get advice specific to your circumstances.
3. Consider how you would like your assets distributed, how debt is to be handled and who your beneficiaries will be.
4. Consider who you will appoint as your executor, trustee and guardian if you have children under the age of 18.
Although you do not have to, you may choose to discuss matters with the important people in your life.
Importance of keeping your will up to date
Lack of clear and up-to-date instructions in a will document can actually complicate matters and if your will is not upheld, your estate may be distributed according to State law instead of your wishes or claims made be brought against the estate.
Personal circumstances often change and can affect the validity of your will. Wills are affected by events such a marriage, divorce, separation, birth of children or grandchildren, buying and selling property, and much more.
We encourage all clients to give us a quick call upon changes in their personal circumstances simply to ask the question on how such circumstances may affect their will. Appropriate advice can be given and the client can choose how they wish to proceed.
Get your affairs in order today
For assistance from a solicitor in Cairns when you are seeking to prepare or update your will, contact the experienced team at Marino Lawyers today.