A Step-by-Step Guide to Creating a Will

None of us wants to contemplate the time when our life comes to an end but it does make a lot of sense to think about that scenario when it comes to financial planning and carrying out your last wishes.

A Step-by-Step Guide to Creating a Will
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Talk to local Sydney family lawyers, for instance, and they will quickly outline the potentially disastrous consequences of not making a will.

Even if your financial affairs and domestic situation would not be considered to be overly complicated there are a lot of compelling reasons for documenting exactly how you want your assets distributed when you die.

Creating a will is also a tax-efficient thing to do, which is another reason why you should talk to a legal professional to ensure that all of your wishes are documented in the clearest and most efficient way possible.

Here are some key points to consider when you are contemplating creating a will.

Why are you making a will?

One of the biggest questions to answer is why should you create a will anyway?

The fundamental purpose of writing a will is to choose who you want to leave your assets to. If you don’t have a will in place when you pass away it could mean that your wishes are not carried out and your estate could attract government taxes that could possibly have been avoided.

Decide who you want to handle your estate

One of the first steps is to decide who you want to appoint as an executor.

This is the person who will assume responsibility for handling your estate and liaising with lawyers. It is often the case that a loved one will assume that task. Check with the person that they are happy to take on this role as there is a lot of paperwork and responsibility.

Create a list of all your current assets

Put together a list of all the assets you currently have. This includes property, investments, savings, and anything else that will be included in your estate.

You should also list your current debts as these will have to be settled from the proceed of your estate.

Decide who you want to leave your assets to

You will also need to name the beneficiaries of your estate. Think about who is going to get what and maybe consider whether you want a percentage of your estate divided up between a number of people.

Make arrangements for your children

If you have children that you are responsible for you need to make provisions for their care in your absence.

Think about who you want to raise your children if you are no longer around. Talk to that person so that they are aware of your intentions, even though it may never come to them having to take on the role.

Make changes when you feel they are required

Personal circumstances can change considerably over the years. You might get married or divorced, for example.

Once you have drawn up a will with the help of a family lawyer you should make changes to the will when your circumstances and wishes need updating. If you don’t do this, you could end up leaving assets to someone you longer want to have them.

Talk to a legal professional about creating a will and they should be able to give you a list of all the information needed to draw up a document that truly reflects your wishes when you are no longer around.