A will is crucial since it ensures the wishes of the deceased are met after death. It is the only way to ensure your money, investments, possessions, and properties are distributed amongst people you care about. Everything you own is known as your Estate. Most people are unable to write a will since they do not have a clue about where to begin. However, will preparation lawyers in Sydney will help you in drafting a valid will that will fully express your wishes.
If your properties are distributed worldwide, it’s essential to understand the laws in that particular jurisdiction since they usually vary concerning succession and distribution of deceased estate laws. Chances are you don’t want to cause massive anxiety to your beloved heirs by neglecting all the aspects of your will. The following steps are essential when writing a will.
Know the real value of your Estate
It’s essential to value your Estate by establishing your real worth. You can do this by writing down your assets and debts. Assets include all properties you own, cash in bank and hand, premium bonds, insurance policies, pension funds, stocks, shares, motor vehicles, and furniture.
Debts include; mortgages, an overdraft, loans, and equity release. It essential to value your properties regularly since the value of some properties like land, can appreciate while others, such as motor vehicles can depreciate.
Once you have valued your properties, you need to list the beneficiaries and decide on who should get what. However, the distributable amount should be after settling all the expenses, including taxes and legacies.
If you need to give out some amount to charity, ensure the full name, address, and registered number are verifiable. Incomplete information may lead to litigations, and the charity may not benefit.
Chose the executors carefully
These are people who will distribute your Estate, and they carry their duties with utmost trust and faith. They have a lot of work in ensuring your Estate is distributed as per your wishes.
Draft your will
The next step is to write down your will. There are several methods you can employ. You can use lawyers who specialise in wills and the rights of probate. Probate is the application of the legal right to deal with money, possessions, and property belonging to someone else. Several will preparation lawyers in Sydney help individuals in drafting wills. The relevant bodies must license the people you chose. If there are some properties abroad, you need to inform your lawyers since most of these officers are trained in international law.
Other methods include the use of specialists whose main role is to write will; however, these may not be regulated; hence it’s quite a risk. Some charities offer free services, and some banks also provide these services and advice. You can draft your own will; however, you must sign in the presence of witnesses for it to be considered as valid.
Storing your will
The final step is to store it properly and safely. You can deposit with a solicitor or a bank. If you have a secure place at home, you can store it there. There are also some organizations that offer probate services. However, it’s essential to let your executors know about the storage. The will preparation lawyers in Sydney will advise you properly through the entire process.