Writing a will should be your priority if you want to secure your family’s future after your demise.
If you’re wondering how a will secures your family’s future, it’s simple—this document guarantees that your financial assets are managed and distributed as you wish. You can decide how you want your assets to be distributed.
We understand it’s difficult to think about your death while you’re still alive. However, it’s essential to be practical and create a will on time. You may wonder, “When is the right time to create a will?” or have similar questions.
To help you, we’ve compiled answers to a few common questions that often arise when planning to make a will.
A few Common questions about the Will
What is the right time to create a will?
This is one of the most common questions people ask when they get to know about the benefits of a will. Just like there’s a time to start your career and settle down, there’s also a time to create a will.
Since a will is primarily about managing your finances, it’s a good idea to create one as soon as you begin creating and increasing assets. This ensures that your wishes are clearly outlined from the start.
What Happens if I die Without will?
If you die without a will (intestate), your assets will be distributed according to the laws of your state or territory. This process can be complex and time-consuming and may not align with your intended wishes. And can often become the reason behind the dispute in your family. It’s important to note that intestate succession laws vary between jurisdictions.
Can I Change My Will?
Yes, you can change your will! Knowing that you can update your will as your circumstances change is important. Over time, individuals achieve career advancements, new family members may join, and your assets can grow.
You can change your will to reflect new assets or other significant updates. To ensure that your changes are valid and properly executed, working with a wills and estates planning lawyer is advisable.
To modify your will, you can create a codicil, a legal document that supplements or alters your existing will. This option works well for minor changes. However, if you have several substantial updates, it may be better to draft a new will altogether. A new will automatically revokes any previous wills, ensuring your most current wishes are honoured.
Who should be the executor of the will?
There is no such restriction when choosing the executor. But it is best if you choose someone close to you whom you can trust blindly because, after your demise, the executor will be the one who takes care of things smoothly, legally, and as you wish.
How will my family know About my Will?
In most cases, when someone creates a will, their family members—especially their partner—are aware of it. However, if you decide to keep your will private, it’s important to inform a trusted person, like the executor or a family member, where the original will is stored. Many people choose to keep it in a safe place, such as with a lawyer. If no one knows about the will’s existence, it might not be found in time, potentially causing complications after your passing.
Conclusion: Now that you know the most asked questions about the will, it’s best to start your search for the best lawyers for wills.
Because the market is flooded with a number of experts, it may take you longer to find the right partner, but we advise you not to hurry and spend a good time finding a lawyer with whom you can create lifelong relationships.
Many Australians need to pay more attention to the importance of professional estate planning. But A well-crafted plan protects your family, minimises disputes, ensures tax efficiency, and provides invaluable peace of mind.
You can also contact our experts for more details.