Essential Considerations When Preparing Your Will

What happens after we die isn't something we like to chat about around the dinner table. But preparing your Will is a necessity, regardless of what assets you own.

Now, you probably expect a law firm to say that. But a Will isn't only a legal document. It's your final message to your loved ones and a roadmap for your legacy.

Many Australians put off preparing their Will. However, dying without one may leave your loved ones with unnecessary stress.

Let's take a look at what you should keep in mind when preparing your Will. As we're based in western Sydney, we'll concentrate on preparing a Will in New South Wales (NSW).

What is a Will and why are they important?

A Will is a legal document that outlines how you want your assets distributed after your death. It allows you to provide for your loved ones in the way you want, and ensure they respect your final wishes.

What happens if I die without a Will?

Dying without a Will is known as dying "intestate". This means your estate will be distributed in a prescribed order of relatives pursuant to intestacy laws. 

This can lead to unintended consequences and cause additional stress to your family.

How to write a Will in NSW

To create a valid Will, you must be at least 18 years old and of sound mind. All Wills must be in writing.

Two other adults need to witness you signing your Will. Those adults can't be beneficiaries under your Will.

Will kits are available but mistakes can easily be made which often lead to problems. We recommend consulting a solicitor to ensure your Will is binding and drafted correctly. 

Asset and liability assessment

Before meeting with your solicitor, create a comprehensive list of your assets. Keep a note of any jointly owned assets, as they’ll be treated differently under your Will.

Also list any outstanding debts and liabilities. This will help your Executor manage your estate efficiently.

Beneficiaries and distribution

Think about who you want to inherit your assets. Are there specific bequests you'd like to make? Do you want to make any charitable donations? This helps avoid potential disputes among beneficiaries.

You can also specify alternative beneficiaries, in case your primary beneficiaries predecease you.

What is an Executor of a Will and who should I choose?

An Executor is responsible for gathering in your assets and distributing them as per the instructions in your Will. 

Choose someone you trust, who's organised and capable of handling financial matters. You can also name an alternate Executor, in case your first choice is unable or unwilling to act when the time comes.

Children and pets

If you've got children under 18, your Will may nominate guardians to care for them. Discuss this with your chosen guardians beforehand, to ensure they're willing to take on this responsibility.

For pet owners, consider who you'd like to care for your furry friends.

Who can challenge a Will in NSW?

Certain people can contest your Will if they believe they haven't been adequately provided for. While you can't stop this from happening, you can reduce the likelihood by:

1. making adequate provision; and 
2. preparing necessary evidence to defend such claims; and 
3. seeking legal advice when preparing your Will.

When should I update my Will?

Review your Will regularly, especially after major life events or if your circumstances change, such as:

• marriage
• divorce
• birth of children, or
• significant changes in your financial situation

Don't leave your loved ones with unnecessary stress and uncertainty.

Take control of your legacy now by preparing your Will with our expert guidance.

Our Wills and Estate lawyers are ready to help you every step of the way.