Is there something you wish you had done for your family? Ask this now while you still have time to plan your loved ones’ future.
Laying out your dying wishes in black and white is not really something everyone looks forward to. You might be tempted to put it off. It could be a big mistake. Sadly, you will not be there anymore to realize or fix it. So, prepare for the inevitable — make a Will.
Rapidlegal.com.au’s Townsville solicitors define a Will as an important document that ensures your assets are distributed in accordance with your wishes when you die. It also allows you to appoint the executor who will carry out your wishes. Choose an attorney you trust to execute your will. A lawyer, unlike family members, is objective.
Dying without a Will is dying intestate. Your properties will be distributed according to Queensland laws of intestacy, which means your assets may not be distributed in the way you want it. This may also lead to conflict among your beneficiaries.
Who can Make a Will?
Everyone over 18 can make a Will. If you think you have little to leave, it pays to create this document. If you have a clear provision, you won’t be placing an extra burden to your loved ones in time of grief.
What can be Included in the Will?
You may name guardians for your children in the document. The Will may also include the distribution of your financial and physical assets, as well as establishment of trusts and funeral instructions. If you plan to give money to charity, you may include that in the document.
Review your Will every five years. This is important if there are important life changes such as marriage, birth of a child, divorce, death of your partner and a change in your financial circumstances.
It can be daunting to imagine your family’s future without you in the picture. But, you have to do it and prepare for it. It’s not just for yourself, but for your loved ones’ future.