5 Things to know before writing a Will
1. Who will be the Executor of your estate?
You should decide who will be the Executor of your estate, and ask them if they will take on the role. Honesty and integrity are both important when choosing your Executor, as they will ensure that the terms of your Will are carried out.
It’s best to nominate someone you know and trust. This could be someone outside your family or friend circle, such as an accountant or lawyer. You can also appoint more than one executor in case the first person you choose is unable to fulfil the role at the time it’s needed.
2. Who will be the Beneficiaries of your Will?
A beneficiary is a person or people who inherit gifts or your estate, when you pass away. You get to choose your beneficiaries, with people most often choosing loved ones who mean a lot to them.
If you have a child or children, you will most likely nominate them as beneficiaries, so you can have peace of mind that they will be cared for and protected. Other beneficiaries can be parents, siblings, significant others, other relatives, and good friends. Many people also include charities and worthy causes in their Will as a beneficiary.
3. What will happen to your pets after you pass away?
Our pets are important members of our families. If you have a much-loved pet, you may want to ensure that they are cared for in the future.
You can’t leave a gift directly to your pet, but you can nominate a family member or friend to care for them. You can then allocate funds for the care of your pet, which your friend or family member will manage.
4. Can you leave a gift to a charity in your Will?
You decide who will benefit from specific gifts in your Will or a share in your estate, after any outstanding expenses are paid.
This means that as well as choosing family and friends as beneficiaries, you can also include a favourite charity, such as The Fred Hollows Foundation, in your Will.
By choosing to leave a bequest to The Foundation, you will be helping restore sight to some of the most vulnerable people in Australia, and in 25 countries where we work. And just like Fred, your legacy will live on, helping to end avoidable blindness and strengthening eye health systems and the global health workforce for generations to come. A gift of as little as 1% of your Estate can make a significant difference to causes that you care about.
Alison, a passionate supporter of The Fred Hollows Foundation, who has left a gift in her Will, says: "I strongly encourage anyone who supports The Foundation to seriously consider leaving a gift in their Will. It leaves a warm and fuzzy feeling to know that folks’ lives will be improved due to my contribution."
5. What happens if your don't have a Will?
If you pass away unexpectedly without having written a Will, the court in your State or Territory will be appointed Executor and will use its own rules to decide what happens to your children (if you have any), as well as your assets and estate. This can be lengthy, stressful and expensive for your loved ones, who will have to bear the burden, while grieving.
Having a Will in place will give you peace of mind that all your affairs are in order, and your nearest and dearest will be cared for, with one thing less to stress about.
-Adv. Anita Adsul
