Things to Consider When Preparing A Will

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Published by Preston Law on 29/03/2019

At Preston Law, we appreciate that for our Cairns and Queensland clients, planning a Will can be a daunting prospect, never mind actually putting pen to paper. None of us like to think too much about the legal scenario of what will happen when we’re gone, especially as we won’t see the benefits for ourselves.

However, making plans in this way and creating a Will is so important for the loved ones that are left behind.

It’s hard to believe the number of Australians today that still do not have suitable Wills. There is often a misunderstanding that it is an expensive and complicated process to draft a Will using the services of specialised lawyers. This usually is not the case, but often it’s the reason that people opt for DIY Will kits or online alternatives instead. Ironically, these can lead to legal issues and expense in the future if they are not done correctly.

Where do I start?

Here are some of the biggest things for clients to consider when they are thinking about drafting a Will

  1.  An excellent place to begin is to make a list of all assets such as 
    • cash;
    • real property;
    • personal possessions;
    • cars and vehicles;
    • jewellery and art;
    • investments;
    • family trusts;
    • family companies;
    • shares.
  2. If you have children, it is critical to appoint a legal guardian so that they will be looked after and cared for by the most appropriate person/people of your choosing. Remember to check with them first.
  3. An executor needs to be selected to oversee your Will and ensure that your wishes are fulfilled. This should be someone trustworthy and responsible that will have your best interest always in mind, and remain level headed at an emotional time.
  4. List any larger debts and remember that these need to be settled before anything is received by the nominated beneficiaries of your Will.
  5. Think carefully about who you choose to benefit from your Will and how you would like this to be divided.
  6. Every few years it’s important to revisit your Will and estate plan. Meeting with your lawyers will allow you to review what has changed in your circumstances and with succession law in Queensland.
  7. Life insurance and superannuation funds may not be automatically distributed as part of the Will so this needs to be considered. It is critical that your chosen beneficiaries for such policies are kept up to date.
  8. It is highly recommended that your Will is kept in a secure place and that your executor is aware of this location (in writing). Your Queensland law office is ideal, and your lawyers can arrange this as part of providing legal advice and services.

Ready to draft your Will?

This is a perfect time to get advice from a Cairns law firm experienced in drafting Wills. 

Preston Law has a dedicated team of lawyers within the group to handle all matters and have been helping Cairns locals draft Wills for more than twenty years

For legal advice and services regarding your Will, Contact Preston Law. Our legal team will arrange a no-obligation talk or meeting with one of our experienced Cairns based lawyers. 

Preston Law is the largest legal firm in regional Queensland as well as being the best reviewed by clients.

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