Drafting a will is an important decision that can help in estate planning. This is a way to think about your legacy and how you can ensure the wellbeing of your loved ones when you are no longer in their lives.
You can research lawyers for wills Melbourne so that you can find legal professionals to help you in this endeavour. They have the experience and expertise in handling matters related to wills and will be able to impart a lot of insight. Before you start drafting a will, you have to consider your liabilities and assets. This includes outstanding debts as liabilities and investments, property, vehicles, personal belongings, financial accounts as assets. Once you take an accurate inventory of these things, you can recheck to see if there is any asset that has been overlooked.
Once you have a comprehensive list, you can start to think about how informed decisions can be made on the distribution of your estate. There are many important decisions to take when you make a will. One of them is determining the individual that will inherit the assets upon your passing. You can leave your assets to friends, family members, charitable organisations or a combination of these. You need to consider the needs of the potential beneficiaries and their circumstances in order to determine whether the distribution is fair.
If you have minor children
As a parent it is your responsibility to appoint a guardian in the will so that the wellbeing of your children will be taken care of. Parents overlook this scenario as it is quite unlikely but if you were to meet an untimely demise, it is important to prioritise the needs of your children. When choosing a guardian, you have to think about this individual’s relationship with your children, their values and parenting style. The geographic location of the guardian should be considered as well. An executor will administer the state and you will need to select them as well. They are responsible for carrying out all the provisions of the will. Some of these tasks include distributing assets as dictated by the will, settling debts and handling legal proceedings as necessary. You need to choose an organised and trustworthy individual for this task.
You may have unique circumstances
Where you have significant assets, blended families, business ownership etc. In this situation, there will be specific considerations to be addressed in your will such as having a succession plan established for your business, setting up trusts or making provisions for dependent family members so that they can be well taken care of. For example, if you have a dependant family member with special needs, you need to make provisions so that they can be comfortable and cared for. There are also certain tax implications to understand when it comes to estate planning. This will help you maximise the value of the assets that you pass onto the beneficiaries. This can be done by gifting assets in your lifetime, establishing trusts, making charitable bequests etc.
