Are you considering creating a detailed will? This is highly recommended for everyone, no matter your life stage- as well as after significant life changes such as getting married or after having children.
This is especially critical if you have many assets and want to avoid tensions, arguments or your possessions finding themselves in the wrong hands after your passing.
We’ve prepared this helpful guide on what are often considered important elements that you can include in your will.
Divide Your Personal Assets
Your personal assets include anything you own that isn’t classified as “real property”. This includes cars, clothes, jewellery, liquid cash and more.
It’s very important to ensure your will specifically outlines how you want to distribute your assets.
If you are too vague, your executor will struggle to determine what assets go where, which will likely result in tensions and stress at an already difficult time.
Divide "Real Property"
“Real property” refers to land – including buildings and homes – and mineral interests. These assets are more valuable, and there’s a lot more you’ll need to do to transfer ownership from a friend or relation.
Your wills and estate lawyer will advise you on the best strategies for your unique situation.
Nominate An Executor
Your executor carries out the directives of your will and will meet with your loved ones after you pass away to divide your possessions and assets.
The person you select as your executor should be aware they have been chosen and should be willing and able to do the job.
Cancel Debts You're Owed
You can also opt to cancel any debts you’re owed by stating that in your will. It might come as a surprise, but your death doesn’t automatically negate these debts.
Often, the debt will be transferred, so will simply be owed to the inheritors of your estate.
Take Care Of Your Pets
It’s also important you indicate who you want to care for your pets after your passing. Pets, like children, tend to go to your spouse or next-of-kin unless you state otherwise.
If you know that this person wouldn’t be willing or able to take care of your pet, you can nominate someone else to do the job. We recommend discussing the care of your pet with this person ahead of time.
You should also consider designating part of your estate to go towards pet care. This helps to ensure that your pet is financially supported for daily expenses as well as through unexpected expenses such as health emergencies if these unfortunately occur after your passing.
While you need to specify to whom your real property goes to, you should also consider leaving instructions on how you want the property to be cared for.
This might include individuals or companies that maintain the cleaning, gardens, pest inspection, and other services relevant to your property.
You could even indicate you want your assets sold and the proceeds shared or distributed between individuals rather than the assets distributed.
Are You Ready To Prepare Your Will?
Once you have considered all of the elements above, it’s time to start writing your will.
As expert wills and estate lawyers on the Central Coast, we can help you prepare and draft your will to ensure a clear, straightforward document with specific language and no obvious loopholes.
Our friendly, expert team of lawyers at Spencer Lawyers are ready to assist. Operating from our local office in Gosford, we proudly offer a full suite of legal services with the passion and dedication that you expect.
You can trust our team will help prepare and draw up a will that communicates your unique wishes. Give us a call on 0414709543 or use our online contact form to book an appointment with us and to get started.