People who want to leave inheritances to their beneficiaries may want to know how to create a Will. A Will is a legal document that sets out the Will-maker’s last wishes for his property and estate. Beneficiaries have the right to see this Will to know how much or what they are getting from the Will-maker.
While you can ensure your wishes are upheld by making Wills, it can also create unintended disputes among beneficiaries. Disagreements over inheritances, tension and emotions rise, and even lawsuits can erupt between beneficiaries. That’s why it’s important to know how to create a Will that prevents such circumstances. This article will provide a guide for you on how to create a legally binding Will.
How to Create a Will: Basic Requirements
Like all legal documents, there are basic requirements when creating a Will. With these legal requirements set, the Australian government can only let eligible people write a Will. Such requirements may vary from state to state, but the common requirements are the following:
- Anyone over the age of 18 can make a Will. However, people under 18 can make a Will as long as they are married or plan to marry.
- The person making a Will must have a sound mind and understands how the Will reflects your decisions. But what about people who are incapable of creating a Will? If this is the case, the court can help a person make a Will who lacks the testamentary capacity to do so. Part 2.2 of the Succession Act mentions this.
Note: Having testamentary capacity means you understand the legal effect of a Will and are aware of what assets you are putting in the Will. Additionally, having testamentary capacity means you are not being prevented by mental illnesses or impairment from making rational decisions about your Will.
- You must write and sign the Will in the presence of two witnesses. These witnesses must be over 18 and are not beneficiaries under your Will.
- The witnesses must also sign the Will in your presence. This confirms that they have signed the Will voluntarily.
The Importance of an Accurate Will
A key part on how to create a Will is to ensure your wishes are carried out smoothly. A clear Will minimises the chance of misinterpretation. That means your assets are distributed exactly as you want, with no room for confusion or arguments with loved ones.
Accuracy in your Will also protects your beneficiaries. What if your Will is unclear? What if it’s outdated? This can leave beneficiaries vulnerable and cause disputes and and family conflict. For example, it might not account for changes in your life, like marriages, births or the specific needs of certain beneficiaries.
Knowing how to create a Will means your loved ones get what you wanted for them, not hardship at an already tough time. Additionally, an accurate Will saves your family time and money. Contesting a Will due to ambiguity can be a long and costly legal process. By taking the time to write a clear Will you can avoid all that and let your family members grieve and heal rather than fight.
Ultimately, writing an accurate Will gives you peace of mind. Knowing your wishes are documented clearly means you can rest assured your loved ones will be looked after exactly as you wanted. That’s priceless and a big bonus for taking the time to write a proper Will.
Insert Importance of Wills Factsheet [Factsheet: Importance Of Wills | JB Solicitors]
How to Create a Will in 7 Easy Steps
| 1. Gather information | The first step is to gather information about your financial assets, like property, bank accounts, and investments. You may also include your digital assets such as photos, social media accounts, and crypto currency. |
| 2. How will you distribute your assets? | You should decide how you will distribute all your assets to your beneficiaries. It would help if you put exact numbers and divisions to avoid confusion amongst them. Additionally, you can also leave bequests to individuals or charities. |
| 3. Nominate your executor | Executors are the people who are responsible for the distribution of inheritances. They must strictly follow the instructions of the Will and uphold the Will-maker’s best interests. Want to know more information about executor scenarios? Read our related articles below: Executor Not Communicating With Beneficiaries | JB Solicitors Administration Of The Estate | Will Lawyers Sydney | JB Solicitors |
| 4. Appoint guardians for your dependents or children | This step on how to create a Will is for Will-makers who have minor children or dependents. Guardians can take care of them when the Will-maker passes away. Moreover, the Will-maker can also outline specific wishes for guardians on the children or dependent’s upbringing and well-being. |
| 5. Write your Will clearly | Make sure your writing is clear and you use understandable language in your estate planning documents and the Will. Avoid using obscure words or confusing terms since this may cause suspicion among beneficiaries. |
| 6. Sign your Will with Witnesses and Safekeep the Will | As mentioned, Will-makers should sign their will in front of two witnesses. The two witnesses will also do the same. There’s no need to file your Will with any particular organisation. However, once signatures have been made, make sure to keep it in a safe and accessible place. |
| 7. Update your Will | A Will is always subject to change especially if there are changes to to major life events for the Will-maker such as: – Divorce and new marriages – Adoption – Birth of children or grandchildren – Death or changing of beneficiaries, executors, children, or dependents – Assets and financial situation changes Changing of wishes – Changing personal details like contact details, name changes, or even social media account changes – Illnesses – Any changes to life insurance policy or life insurance policies – Funeral plans |
Write Your Own Will With a Family Lawyer
You might wonder what’s the last step on how to create a legally valid Will. The most important step of creating a Will is to seek legal advice from a family lawyer. Yes, there are online Wills and DIY Will kits available online. However, choosing this path is risky and may pose a lot of legal problems. DIY Will kits are not legally binding and not credible enough.
We at JB Solicitors are experts on Will-making and ensure your wishes follow your best interests. Our lawyers will make sure that all decisions you make are legally binding and adhere to Australian laws. We can also help with the probate process to identify if a Will is legally valid. Don’t draft a Will alone and wait for disputes to arise between your beneficiaries.
Contact an estate planning lawyer or estate attorney today if you need to know how to create a Will with a lawyer in our firm.
