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How hard can it be to write your will?

How hard can it be to write your will?

If your estate is quite complex, a good lawyer might be able to help you consider putting assets into trust. The legal fees will probably be higher these cases, but will trusts could significantly cut your estate’s inheritance tax bill.

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In the past, making a Will in NSW could often be a complicated and convoluted process. Visiting a lawyer, understanding legal jargon, and paying a hefty price tag – the process often prevented many Australians from ever making their Will. So now, you can enjoy this feeling of reassurance at a genuinely accessible cost. Our 3 packages allow you to choose the level of service that’s right for your circumstances. Hiring a lawyer can be prohibitively expensive for many families. But at Your Wills, we believe every Australian should be able to plan for the future and protect their assets.

A Simple Will Sample

Read more about Online will kits here.

What is a power of attorney (POA)? A comprehensive guide

That’s because the estate planning industry has evolved, and Wills can now be created online. With proper education, you’ll quickly see how there’s no excuse not to have an estate plan in place. In this guide, we’ll show you how to file a will without a lawyer so that you can protect your assets and thus your loved ones, once and for all. Having a lawyer prepare your Will is the best way to get reliable legal advice backed by educational and ethical standards, as well as insurance.

It is important to appoint someone (or people) you trust as your executor. If you are in a relationship, spouses commonly appoint each other as their executors. However, you will need to nominate a back-up executor should your primary executor be unable to act or if they predecease you. Next, you will also need to indicate who will receive each of the nominated beneficiaries’ share of the estate should they pass away before you.

When this happens, an executor may choose to distribute another of your assets in place of the specified gift. The powers of the executor in this situation may depend on the specific wording in your Will. Another important factor to consider is the possibility that you become incapacitated and unable to make decisions for yourself. You do not normally need to specify bequeaths for your superannuation or life insurance policies. A Living Will sets out the medical care you wish to receive in the event you lose your mental capacity or become incapacitated.

Regardless of which method you choose, make sure it’s a fit for your unique life situation. Once you’ve made a will, you can revisit and update it as your life changes—because life happens. You could move to another state, have more children, adopt a child, go through a divorce and remarry, or make adjustments to your will because one of your heirs has died. Even if you don’t think your will needs updating, it’s a good idea to read it over every few years anyway—just to refresh your memory.

Decide the type of will you’d like to make

Holograph wills can be convenient, especially in emergency or end-of-life situations. These are identifiable items of property or amounts of money given to individuals when you die such as cash, jewelry, art, clothing, family heirlooms or mementos. If you have a large or complicated estate, it’s a good idea to talk to a financial advisor as well as an estates lawyer. A form will is one you make using a kit that you buy online or from a store.

Once you have made a will, you have to decide where to store it. Whichever you choose, it’s vital that it’s stored safely and securely. Your executor(s) will need to find it when the time comes, so make sure you tell them where it is. Before writing your will, it’s worth identifying all the assets you own, as well as any sentimental items you’d like to leave to loved ones.



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