Things to consider when putting your Will in place
What you will put in your Will is really dependant on your individual and family circumstances at the time you put your Will in place.
If you have a young family, then the most important thing for you to consider is who will be the guardian of your children if anything were to happen to you. Your guardian would be entrusted with the full-time care of your children until they attain at least 18 years of age.
Likewise, if you have business interests, you would want to ensure that you appoint an executor who would be savvy enough to deal with such business interests in the event of your death.
Other things that you need to consider when putting a Will in place include:
Who would be your substitute executor in the event that your initial executor was unable to perform this role?
Are there any specific gifts that you would like to go to certain people?
Are there any bequeaths that you would like to leave to charities?
Who would you like to leave your assets to?
In the event that you left your assets to your spouse and children, and you all passed together, who would you like to receive your assets?
If you elect to leave your assets to minor children, at what age would you like them to receive their assets?
What would you like to happen to your business assets?
What would you like to happen to your pets?
Is there a particular person who you would like to care for them?
In the event that you and your spouse have a blended family, do you wish to leave a life interest in any property to your spouse?
Do you have children with a disability, addiction, spendthrift that you need to make extra provisions for in your Will?
Should superannuation be paid to your estate, to whom do you wish it to be paid?
Should life insurance be paid to your estate, to whom do you wish it to be paid?
Do you wish to donate your organs?
At the time of your death, do you wish for your body to be buried or cremated?
Do you have any specific funeral requests?
It is crucial when putting in place a Will that you put it in place today as if you were not here tomorrow. It is no use putting a Will in place now with a view that you will die in five years as we do not have a crystal ball and do not know when our time is up. If your circumstances change dramatically, then your Will can be updated to take into consideration your new circumstances. Having a relevant, up to date Will at all times will give you peace of mind, in the event that the unexpected occurs.
Disclaimer: The advice provided in this blog is of a general nature only and you should always seek legal advice relevant to your own circumstances.