Considerations for your new Will

It would help if you knew how you’d like your Will to be drafted. Of course, your lawyer will step you through the process, but if you have considered the following points beforehand, you will make better decisions.

Choosing the Right Lawyer

An experienced lawyer will ensure your final document accurately reflects your wishes, is legally sound, and will withstand the scrutiny of a court should it be contested. Additionally, your lawyer will store an executed original of your Will securely on their site.

Listing Your Assets

Property, furniture, jewelry, vehicles, shares, managed funds, superannuation, life insurance policies, bank accounts, pets, digital assets (crypto), and frequent flyer points can all be bequeathed.

Deciding on Beneficiaries

Who would you like to receive your assets upon your death? If you have chosen more than one beneficiary, you need to consider how you would like to divide the assets.

Selecting Your Executor

You should choose a minimum of two Executors, either one to act and one as a backup, or both to act jointly. You can appoint as many as four. They can be family members, close friends or your lawyer. These are the individuals who would act to distribute your assets in the manner you have outlined in your Will. Executors must be at least 18 at the time your Will is executed.

Signing and Witnessing

For your Will to be valid, it must be signed by you in the presence of two witnesses. The witnesses must be independent (ie not anyone named in your Will, your relative or a relative of someone named in your Will). Your lawyer and an associate would happily witness your signature.

Storing Your Will

Your lawyer will store the original or a copy of your Will securely. You should also keep your copy, and ensure that your Executor/s know where your Will is stored, or give them a copy as an additional security measure.

Please contact Croy Legal on 1300 123 876 for a free one-hour consultation, and we can promptly write your will to accurately reflect your wishes.

Posted on 25/07/2023