What you need to know before preparing your will
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Creating or updating our Wills is one of those things it is easy to put off. However, the peace of mind you’ll have knowing your affairs are in order and your loved ones will be taken care means everything. Even if you hate paperwork, it is also so much easier and quicker than you might think.
Here’s what you need to know.
Everyone needs a Will, no matter the size of their estate
It’s time we all start thinking of Wills as an essential part of any good financial plan for anyone over the age of 18. A Will is something everyone should have in place, regardless of your marital status, how much money you have and whether or not you are a parent.
A properly drafted Will ensures your wishes will be carried out even when you aren’t around to make sure they are. It will help minimise unnecessary costs and ensure your gifts and things you care about are given to those you want to receive them.
If someone does die without a Will in place this is called “dying intestate”. This person would not have an executor in place who ensures your wishes are indeed carried out. There is a risk that assets would not go to the best people as the state decides where assets and all property goes.
People with beloved pets can ensure their trusted friends are taken care of in their Wills. Unfortunately, even our most loved animal companions can’t actually be a beneficiary. However, it is possible to leave a pet to a trusted friend or loved one who can also be allocated funds in your Will to help care for them for the rest of animal’s life.
Of course, if you do have children under the age of 18 it is extremely important you have a Will, even if you don’t have many assets. This allows you to nominate a testamentary guardian who will save the decision of who looks after your children if their parents pass away being made by the family court.
Key questions to ask yourself when preparing your Will
Before you are ready to put your Will in place, make sure you are aware of all of your assets, including superannuation, cars, special jewellery or items of sentimental value and have decided who your beneficiaries will be. Also, consider if you have any special requests you would like carried out. Remember, you can alter your Will whenever you choose to as long as it is printed out (even if you are using a digital Will), is signed, witnessed and kept somewhere safe.
It’s important to not be afraid to talk about our Wills where relevant. Encourage healthy discussions to ensure everyone you love also has one in place.
Clever money saving hack to create a legally binding Will
These days there are so many options when it comes to doing your Will. In fact, you can create your legally binding custom Will in less than 20 minutes at home. For example, Australia’s leading online estate planning platform Willed has been created by lawyers, and is a simple to use, intuitive and secure platform to create a custom legal Will. While typical legal fees could cost you anywhere from $600 to $6,000, Willed is an affordable, accessible and secure option for all Australians as you can get a legally valid will for just $159. Clever, right?
How to continue your legacy in your Will through charity bequests
It is important to remember that it is possible to pass on some of your assets to a charity or a cause which is close to your heart. Ryan Solomon, co-founder and Head of Legal at Willed, says, “Think of it as an important way to celebrate your legacy with a positive contribution to an important charity of your choice.”
The most important bit of admin is to ensure you include specific wording such as the charity’s business name and ABN. However, it’s much easier when you go with an online platform such as Willed who pre-fill all of this information for you and allow you to simply choose your favourite charity from the Fundraising Institute of Australia’s database. This makes it so easy to outline your request and ensure the causes you care about are supported.
Solomon adds, “It is up to you if you decide to let your chosen charity know of your wishes in your Will or not. However, many charities appreciate being able to thank you now for your generous bequest.”
This is a sponsored article produced in partnership with Willed.
This article is written in partnership with Willed and first appeared on Readers Digest.