Creating and Managing Wills

In order to guarantee that your assets are distributed in accordance with your preferences and to arrange for the care of minor children, creating and maintaining a Will is an essential part of Estate Panning. A well-written Will can prevent the probate procedure, avoid family disputes, and give you confidence that your affairs will be managed according to your wishes. 

What is a Will? 

A will is a legal document that expresses your wishes as to how your possessions will be distributed. and how you would like any minor children to be taken care of upon your death? It can help prevent disputes among survivors and guarantees that your estate is managed in accordance with your desires. 

How to Create a Will? 

• Step 1- Determine Your Assets and Beneficiaries 

First List all your assets, including savings, property, investments, and personal belongings, and then decide who will inherit those Assets. 

• Step 2- Choose an Executor 

You should Name a trustworthy individual to carry out the instructions in your will. 

• Steps 3- Designate Guardians for Minor Children 

As per the laws in Australia you shall nominate guardians to take care of your children under the age of 18. 

• Step 4- Draft Your Will 

You can draft your will with the help of a solicitor or using a will kit. Make sure it expresses your wishes clearly. 

• Step 5 – Sign Your Will 

You must sign your will in front of two witnesses who are not beneficiaries for it to be legally enforceable. 

• Step 6 – Safeguard your Will 

Keep your will safe and accessible by storing it in a secure location. Ensure your executor knows where to find it. 

Importance of Having a Will 

• To Protect your family and assets by way of providing care for the minor children and ensuring the assets are allocated according to your wishes. 

• It Guarantees your wishes are fulfilled. 

• Having a Will would minimise the potential for family disagreements over your estate.  

• It Speeds Up the Probate Process where it helps to make the execution of the Estate quicker and smoother.  

The Legal Requirements for a Valid Will 

• A will must be a written document. 

• To create a valid will, you must be at least 18 years old and possess a sound mind. 

• The document must explicitly identify itself as your last will and testament. 

• A valid will requires your signature in the presence of two witnesses who must also sign it. 

The Need of Updating and Managing a Will 

It’s crucial to keep your will up to date. Especially after significant life events such as marriage, divorce, the birth of a child, or substantial changes in your financial situation., To update these changes, you may need to create a new will that replaces your existing one. 

The Risk of Challenges to a Will 

1. Undue Influence could occur when the testator was pressured or forced to make the will against their wishes. 

2. When there is Lack of Testamentary Capacity. This can happen when the testator was not of sound mind. 

3. Probability of an Accusation that the will is fraudulent or forged. 

4. If the will was not properly executed according to legal requirements it shall face legal repercussions. 

A valid and updated will is essential for protecting your estate and ensuring your wishes are followed your death. By understanding the legal process, creating a clear plan, and regularly reviewing your will, you can minimise potential disputes and guarantee a smooth transfer of your estate.