Having a Will allows you to decide what is to be done with your assets and liabilities when you die and makes your intentions clear. If you do not have one, your asset distribution is to be determined by a court in accordance with legislation.
In addition, if you die without a Will there are additional taxes and fees applied to your estate. The first step to take in creating your Will is to write down all the assets you have and who you would like to give them to. This list should also include any liabilities you may have and how you want to deal with them. Other important factors may include who would take care of any children under 18 years of age if something should happen to you and your partner. When making these lists and decisions, you should do so with your spouse as in most cases, you would leave your assets to your spouse. You likely want a mirror Will with your spouse to ensure you have the same beneficiaries and deal with your assets in the same manner.
Essentially, your life circumstances will determine a range of factors in writing your Will. When making the list, you should select who you want as your executors, keeping in mind that it is a good idea to choose two executors in the event that one may not be willing or able to act as executor and to share the work of executing your wishes in probate.
Once you have made a list addressing these important factors, the easiest way to complete your Will is to purchase an online kit where you can insert this information in the comfort of your home. You do not need a lawyer to write it and using a free service is not a recommended option due to the costs involved once you pass away. When creating your Will it is important that it complies with all State and Territory laws. If it is not properly written, it may be found invalid when executed. There is no guarantee when you download a free Will, that it complies with all legal requirements and in most cases, you will be required to nominate the company providing the Will as executor. In doing this they charge your estate a cost as well as a percentage fee which costs much more in fees than purchasing a Will kit from other sources.
Once you complete your Will, you need to follow certain formalities such as having it witnessed by two adults over the age of 18 years who are not beneficiaries. You then need to ensure that it is stored in a secure location. There is no need for storage to be with a lawyer or any formal registration. You just need to ensure that your executors know where to find it. You only need to ensure that your Will is clear, updated and amended or rewritten from time to time as your life circumstances change and require.
Want to know more? Click here for Free information on Legal123 Will Kit. Australian legal agreements and forms from http://www.legal123.com.au/.
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