Drafting your will can be overwhelming when you approach it for the first time. However, it is necessary to go through with it so that your family remains safe even when you are no longer with them. If you are anxious about completing this ordeal, there are exceptional will lawyers in Brisbane to help you. Meanwhile, Brisbane is the capital of Queensland and is famous for the Brisbane river, which is the longest river in South East Queensland, flowing through the city. Besides, the city is famous for Late. Steve Irvin’s ever-famous Australia Zoo.
Contrary to what most people believe, wills are not for the rich and the elderly alone. The lowest requirement for drafting a will is that you need to be above the age of 18. With trusted experts, the process will only last 15 minutes at best.
Beginner’s Guide to Will Preparation
Taking Stock and Finalising Wishes
The first step to drafting a will is making an inventory of all your assets. An asset can be that heritage home in Ascot, stocks, bonds, patents, cash in savings, or even something that you want to donate to the Queensland Museum and Sciencenter. Once the list is ready, make your intentions for them clear. Get as detailed as possible and explain which asset goes to which beneficiary.
Considering Digital Assets
We live in a digital age, and estate management for digital assets has become equally important. From your social media accounts to electronic gadgets, you can include a plan to manage numerous digital assets in your will. However, for certain assets, such as online bank accounts and investments, only the account is considered an asset and not the actual funds in them. Get in touch with your will lawyers in Brisbane regarding such details.
Once you have an inventory of all your assets, the next step is gathering the necessary documentation. The following are the routinely required documents:
- Proof of birth and/or death
- Marriage licenses and/or divorce certificates
- Deed(s) and/or mortgage(s) information
- Insurance policy information with details of beneficiaries on each insurance policy
- List of all bank accounts
- Investment portfolio
- Names/phone numbers/emails/firms/addresses for your banker, lawyer, accountant, advisor and so on
You may need to produce a few other legal documents depending on the type of asset that you are trying to pass on.
Choosing Executors and Guardians
While you are drafting a will, you need to select people for three critical roles. The first one is the executor. This is the person who will settle the estate after your passing. Be sure to choose someone capable of handling the legal, financial, and emotional aspects of executing a will. You can also name a co-executor if your first choice wishes to opt-out of the role.
The next position you must fill carefully is that of a guardian for your dependents. Your dependents can be anyone from a minor child to a pet. You need to name the beneficiaries or those who will benefit from the will. Any lack of clarity can cause complications further into the process of executing the will.
Signing the Will
After you have drafted a will, the next step is signing it. And there are specific requirements in Queensland for a will to be considered valid. The key requirement is that the signing should take place in the presence of two adult witnesses and a notary.
Once you have made your will official, you can rest assured of the safety of your loved ones and belongings. The will lawyers in Brisbane are always ready to advise you on storing the will until it is needed. You can also update or amend the will if the need arises in the future.