We all have things worth looking after and making a will can be one of the simplest ways to prepare in case the worst should happen.
It's easy to assume that making a will is daunting and is something we should put off until we're old. In reality, making a will can be easy and it is something that we all should do.
Making a will is easy if you follow these four simple steps:
1. Plan
Before you start making your will, plan how you want your assets divided after your death. Ask yourself, are there any items that I want to give a specific person? Who do I trust to make sure that my will is carried out?
If you have children, think about who you would want to look after them if something were to happen to you.
While it is common for people to name their partner as their executor, we recommend that you also plan to have an alternative executor just in case.
2. Communicate
Speak to your family or other people you plan to name in your will. Let your executors know that you want to appoint them and where they can find your original will.
If people know what you want to happen before you die, this can greatly reduce the chance of disputes and other problems later.
3. Review
After you have made will, you should review it every few years to make sure that it is right for your current circumstances. If you have children, get married or separate you should make a new will.
4. Store
Store your will somewhere safe. Most Australian states have will banks where you can safely store your will for free or for a small fee.
Make sure that your executors know where your original will is stored.
By following these four easy steps you can make a will that is right for you and reduce the chance of problems down the track.