Once you have taken the first steps to engage a Lawyer to assist you in creating your legal Will, there are a number of issues you will need to consider. Some of the common issues include:
1. Who will you appoint to be your executor?
Sometimes called your “personal representative”, your executor is the person appointed to administer your estate. This person may arrange your funeral, apply for your death certificate, apply for probate, collect your assets, pay your debts, notify organisations of your passing and distribute your assets in accordance with the terms of your Will.
2. Do you have any family trusts?
If so, you will need to consider the ongoing administration of those trusts. Assets owned in family trusts do not pass under your Will. If you are the Appointor / Principal of the family trust, then you may be able to appoint someone to replace you in this role in your Will. You should provide a copy of your family trust deed to your Lawyer to ensure that assets held in family trusts are appropriately considered in your estate planning.
3. What are your assets and liabilities?
You will need to create a list of assets and liabilities, including any superannuation and life insurance. You should consider whether you will have enough assets to satisfy your liabilities, as well as to leave something to your loved ones. In doing so, you should keep in mind that superannuation and life insurance benefits do not automatically form part of your estate, and may in fact be paid directly to a dependant. All of your debts will need to be repaid after your death, and therefore sometimes your assets may need to be sold to repay your debts. Life insurance is often considered at this time to ensure that there is enough cash to repay debts as well as to leave something to your loved ones. Potential challenges to your estate should also be considered in the context of structuring binding nominations in respect of your superannuation and life insurance.
4. Whom do you intend to benefit from your estate?
These people are called your beneficiaries. They are the individuals or organisations whom you intend to receive a share of your estate after you pass. A lot of consideration should be given to whom will receive a share, the amount they will receive and how they will receive it. Testamentary Trusts can be used for the benefit of your beneficiaries. Read more about Testamentary Trusts here. Consideration should also be given to any possible challenges to your estate, so it is important to provide your Lawyer with a full family tree, as well as to advise of any dependants or anyone else you suspect may challenge your wishes.
5. Do you have any minor children?
If so, you will need to consider who would care for your children if both you and their other parent were to die before they were adults. These wishes should be expressed in your Will.
6. Do you have specific burial wishes?
If you have a specific wish to be buried or cremated, then this wish should be expressed in your Will. Further specifics can be included if you so desire.
Contact us to discuss your own personal circumstances and we can work with you to create a strategic estate plan today.
Speak to our Qld Wills & Estates Lawyers Ph: 1300 941 900
Our Qld Wills & Estates Lawyers can be contacted at:
Boorman Lawyers NSW & QLD Solicitors
Issues to consider when creating your Legal Will by Tegan Boorman an Estate Planning Lawyers.