Making a will is probably the last thing on your mind right now. Even as people age and raise a family, the idea that our mortality is potentialy a problem is understandably far away from consideration. However, just as people strive to provide for their family as best they can, it is important to take some time to prepare a plan for the possiility that you may no longer be around for your loved ones.
This article considers the basics on what actually is needed to prepare a will. Probably the most important concept to understand is that it is not an area to try and cut costs. While there are do-it-yourself will kits, making a will is really long-term process of recording your circumstances and wishes (which will change as you get older). Rather than being a "set and forget" option, it is a necessity that you should have solid information about.
Getting Started
The time to get started is now. The New South Wales Trustee & Guardian website estimates that up to 40% of Australians die without a will. While the law provides a mechanism for distributing property in this situation, there is no guarantee that the distribution will be one that you would have wanted.
Your Situation
The following is a very basic list of information that would be helpful to have on hand when you first start to prepare a will:
- Details of all of your assets (regardless of size) and all the information that would enable someone who knew nothing about you to identify these assets.
- Similar details of any liabilities.
- Information about your family and specific people you want to inheriet your property (the beneficiaries).
- A list of any other special matters (such as a particular charity or instution that you might wish to leave a legacy for).
Your Wishes
Apart from your financial situation, preparing a will involves considering a number of other matters:
- Who do you wish to receive your property (and in what amounts or percentages)?
- Are there any items (such as family heirlooms) that require special treatment?
- Do you want a particular person to administer your will (the Executor)?
- Where do you want to store the will?
- Are there particular religious or cultural matters that you want observed (such as a form of burial or service)?
These issues illustrate that making a will is really a much wider undertaking than simply distributing money.
Conclusion
Either the NSW Trustee & Guardian or a solicitor are excellent partners in preparing your will. Obviously a lawyer is preferable (as they can provide a more personable and accessable approach).
However, if you are unable to afford to have a lawyer draft your will, the NSW Trustee & Guardian will prepare (and update) your will as needed for no cost, provided that you have appointed them as your executor. Regardless of your choice, drafting a will is not something to leave up to chance (or the last minute).