Making a Will is something that more than half of Australian adults have put off doing despite the fact that doing so may prevent their loved ones from being taken care of if it is too late.
Your desires for your estate (property and money), children, and even pets will be carried out when you pass away if you have a testament. Probably the most significant legal document you will ever create is a Will.
If you have a Last Will and Testament, your wishes for your estate (including money and
property), children, and even pets will be honoured after your death. A Will is most likely the most important legal document you will ever create.
To make sure you don’t pass away having committed the same typical mistakes, leaving your closest friends and family to clean up the mess, we’ve put together this list of the most common mistakes with Wills, estates, and inheritance.
1. Waiting until “later” and passing away without a Will.
Grief is never easy for family members. But failing to make a Will could cause those left behind much more anxiety and distress. Having a plan in place for who gets what when you pass away will ease this difficult time for the people you care about the most, regardless of your age.
Lack of a Will is the biggest mistake when it comes to beneficiaries and inheritance! Some laws specify how an estate should be handled if a person passes away without a Will or intestate. These intestacy laws adhere to a hierarchy of who ought to profit from the benefit.
The top of the list may not always be the best for your particular situation because every family relationship is unique. It is why making a Will before probate application in Queensland is crucial to ensuring that your desires are carried out after your passing.
2. Not revealing the existence or location of your will to family.
Probate fee in SA is affordable, and the most crucial first step is to make a Will, but if no one knows it exists, it will be meaningless. Make certain that when the time comes, your loved ones will know where to look.
It should be kept in a safe location that is still open, such as a locked drawer, house safe, or safe deposit box. A solicitor you employ will probably retain a formal copy on file in their offices.
3. Omitting to state your funeral preferences.
The very last opportunity to honor a life well lived is at a funeral or memorial. Therefore, stating your funeral choices in your Will assures that your loved ones will respect your wishes to “go your way”—whether that means choosing a particular funeral home or the kind of memorial you’d like.
The typical Australian of today is knowledgeable, cost-conscious, and unconventional. As a result, more people than ever are saying goodbye to traditional funerals. In a recent study, we discovered that more than 90% of Australians would choose a straightforward, non-traditional service over a pricey, typical funeral.
Although it may be a novel idea to some, direct cremation enables families to make funeral preparations without holding a typical church or chapel service. A direct cremation eliminates the need for a funeral home, giving you the freedom and flexibility to individually design your loved one’s monument to reflect their distinct personality at a fraction of the cost.
4. Not designating a guardian for your children.
Writing a Will is crucial for a number of reasons, not only financial and material ones. They also outline who would look after your kids in the event that you are the only parent left alive. It’s important to consider who you want to take care of your children after you pass away if you have young children because this choice is very critical.
In the event that something occurs to you and you do not name a carer for your children, the family court will name a carer on your behalf. If your closest relative is not the best fit for the enormous duty, this could be an issue.
5. Omitting to name an executor
In addition to designating the people who will be entitled to your assets, you must also select an executor to handle the estate’s administration. Choose a dependable person as they will be in charge of settling any debts and dispersing your assets to your beneficiaries after your passing.
A friend, relative, or an impartial trustee organization can be chosen. In accordance with the terms of the Will, the executor must distribute the assets to the beneficiaries.
Despite how important it is to a Will, so many people fail to include it in their Will. If this occurs, the executor will be chosen by the probate application in Queensland court even though it may not have been their first choice.
6. Not making arrangements for dependents
Always get legal counsel if you wish to leave someone out of your will on purpose. The person will not be precluded from opposing the Will, but if you create a supplemental statement to explain why you are not providing for them, they will not be able to assert that they have simply been forgotten.
Even if they are financially dependent on you, your ex-spouse is not necessarily disinherited after a divorce. Again, it’s advisable to get legal counsel in this situation because they might still be able to claim your estate.
However, just writing “my children” in your will does not automatically include them if you have step-children with a partner and WOULD like to name them as a beneficiary. If you wish any step-children to be included in your Will, they must be named specifically. However, children who have been legally adopted will be treated the same as natural children.
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To ensure that your wishes are carried out without difficulty, it is essential to avoid frequent blunders when creating a Will. You may construct a legally solid document that offers clarity and protection for your loved ones by receiving legal advice, being explicit and specific in your instructions, frequently updating your Will, and resolving potential issues.