Thinking about what will happen when you die may not be a task you relish, but it is an important part of planning for the future – particularly if you have a family. Everyone over 18 years of age is entitled to make a Will as per the Australian law, however, according to a recent survey many people in Australia many people wait until they retire from their formal employment for them to write a will. So what are some of the most important that you need to consider when writing a will.
1. In most cases, your house will be your biggest asset hence an important consideration. If you’re married, writing a Will will help to ensure that your spouse will continue to live there long after you’ve died.
2. As well as your property, if you have financial assets, you may want to think carefully about how you want them to be separated. You may have friends, family or special causes you wish to support. You can use your will to ensure your assets are distributed fairly
4. If you’re a business owner, you will also need to think about what may happen to your shares. Ownership of a business could become diluted in the case of your demise, with family members having a say in its running. A probate and will lawyer helps explain to you the choices you have in the case of such cross option agreement.
5. If you die without a Will and have no immediate-family then much of your possessions will be taken-up in search of distant relatives. Instead, you may have friends or a even a charity organization that you will like to leave your possessions to when you are gone
6. While property and money are two of worlds biggest possessions you’re likely to leave behind, it’s also important that you think about other possessions that need to be redistributed. If you have some things that you think could benefit one family member more than another, you can ensure that is the case.
7. Your final consideration will be whom you wish to have as the executor of your Will. This should be the person who will make sure that your wishes will be carried out and that all your assets go where you wanted them to go. Gold Coast Estate Law is more than happy to be the executor of your will