If you haven’t yet put your will in place, you might be wondering if it’s really necessary. After all, life can be unpredictable, and thinking about wills can feel daunting. However, getting your will in place now is crucial for several reasons. In this blog, we’ll discuss the importance of having a will and provide a sample will template to give you an idea on the sort of information which goes into a legal will.
Safeguarding Your Loved Ones with a Legal Will
One of the primary reasons to create a will is to protect your loved ones. A will allows you to specify how your assets and estate will be distributed after your passing. It also appoints your trusted person(s) as executors to look after your estate for your beneficiaries. This ensures that your family is taken care of according to your wishes, giving you and your family peace of mind.
Avoiding the complications of intestacy is another critical aspect of having a legal will. In the absence of a will, your assets will be distributed according to the laws of intestacy in NSW, or the State in which you live. This may not align with your intentions or wishes and can lead to loved ones not receiving the benefit you would have wanted them to have. By having a will, you have control over who receives your assets, helping to prevent conflicts within your family.
Appointing Guardians For Your Children
For those with children, a will is essential for appointing guardians. You can specify who you want to take care of your minor children if you and your spouse are no longer able to do so. This is a vital step in ensuring all the decisions that are part of bringing up your children are made by those person(s) you trust to look after your children’s well-being and future.
Providing for Specific Wishes
Having a will allows you to make specific provisions, such as leaving sentimental items to particular family members, making charitable donations, or even providing for pets. Your will is a way to express your unique wishes and ensure they are honoured.
A Sample Will in NSW
To give you some guidance on the sort of information needed to create your will, here’s a simple sample will template:
Last Will of [Your Full Name]
I, [Your Full Name], of [Your Address], declare this document to be my last will and testament. I make the following provisions:
Revocation of Previous Wills: I revoke all prior wills and codicils.
Executor: I appoint [Executor’s Full Name] as the executor of this will.
Guardianship: I appoint [Guardian’s Full Name] as the guardian of my minor children, [Child 1’s Full Name] and [Child 2’s Full Name].
Specific Bequests: I leave [Specify specific items or assets] to [Beneficiary’s Full Name].
Charitable Donations: I donate [Specify the amount or assets] to [Charity Name].
Distribution of residue of assets: I direct the distribution of the residue of my estate as follows: [Specify your asset distribution including beneficiaries].
Remember, this is provided for guidance only and is a very basic template. You should always consult with a wills and estates lawyer to ensure your will complies with laws in Australia and the accuracy of your will.
Getting your will in place now is a critical step in protecting your family’s future. It provides peace of mind, avoids complications, and ensures that your loved ones are cared for according to your wishes. Don’t wait—take the first step in securing your family’s future by creating your legal will today. If you have a query and want to chat it over with a lawyer why not book in a free 10 minute chat here or send us an email here or at [email protected].
We’ll look after you.