January 2021 | Jonathan Harris
Creating your Will shouldn’t be a stressful task we are here to help. This article provides guidance on how to avoid commonly made mistakes when planning for you and your loved ones futures.
The biggest mistake you could make is not to plan. To ensure your assets are passed onto the intended beneficiaries, it is important that you create a valid Will.
Seek legal advice
Seeking legal advice when creating your Will can save you and your family undue stress and expense later down the track. Too often errors and misrepresentations are made in Wills leading to outcomes contrary to the will-maker’s intentions.
Whilst creating the Will yourself may appear to be the cheaper option, in the long run you could be saving yourself and your family from heavy legal fees in administering the Will.
Prepare for all scenarios
Making assumptions regarding death and future circumstances is an easy way for mistakes and unintended outcomes to arise. For example, parents will often assume that their children and grandchildren will die after them which unfortunately is not always the case. Therefore, it is best to plan for all potential scenarios to avoid any wealth or assets being transferred into the wrong hands.
Do your research
Before finalising your Will be sure to understand what role people play in administering the Will and whether you have selected the right people for the job.
A common cause of stress when administering an estate is due to having multiple executors who do not get along. An executor is responsible for the finalising of your Will and affairs. It is very important to consider who will undertake this role/s.
Wish to leave someone out of your will?
It is common for a will-maker to exclude someone from their Will such as a spouse or child. Whilst, this is possible it must in accordance to the Family Provision legislation.
Refer to this article for further guidance: https://hflawyers.com.au/how-watertight-is-your-will-family-provision-101/
If you need help or guidance in creating your Will our experienced team is here to help.