Making a will to look after your family.
Making a will can be difficult but it is extremely important to help protect your loved ones when the time comes.
When wills are challenged in Australia, roughly three-quarters of these result in a change of distribution. So to avoid this, the key is leaving nothing to chance.
Our 5 tips below will help you create a will to keep the distributions as you intended.
1. Keep your will current
Change your will as your situation changes. This will make sure you include or exclude people according to your wishes.
2. Be open and honest
The more people who know about your wishes and understand their share (or lack of share) while you are alive can result in people being less ‘devastated and incensed’ when you pass.
3. Protect you benefactors
Have an affidavit drafted if you want someone cut out of the will. Make sure you include why and have it included in the will.
4. Appoint a Power of Attorney
Have a third party lawyer or public trustee down as your power of attorney, to avoid conflict amongst family members. Ensure they are not a family member or friend so that there is no conflict of interest.
5. Give it away while you are still alive
To preserve your ultimate wishes and avoid conflict, give your money or assets away to the desired recipient when you are still able to see they are receiving and even using it. This is the ultimate way to ensure there is no confusion regarding your wishes and that they are fulfilled.
Although these are excellent ways to minimise the potential for conflict within your family, friends and established networks on your estate when you pass, there are always exceptions to even the best-laid plans.
With such a high rate of reversal and the huge expenses in legal and court fees that may occur upon an estate should a challenge be mounted there are many losses facing your estate if it’s not done correctly. So to ensure your final wishes are honoured, speak to McClure Law today!
Have you done everything above to protect your will? Do you have any extra tips to help? Leave your comments and questions below.