Below are 5 questions to consider before your Will appointment:
- What assets and liabilities do you hold? In order to provide comprehensive advice about your Will and Estate Planning, your lawyer needs to gain an overview of all assets and liabilities held by you. You should ensure you can recall all your assets and liabilities, as well as details regarding their values, and where or how they are held. Some relevant enquiries may include: if you own property with someone else, is it held as tenants in common or joint proprietors? Who is your superannuation held with and have you completed a binding death benefit nomination on your account? What other assets and liabilities do you hold?
- Who would you want to be your Executor? Your Executor is responsible for all tasks related to finalising your estate including arranging your funeral, tidying your home for sale, collecting the assets of your estate and distributing the gifts in your Will. Acting as an Executor can be a huge undertaking; therefore, you should consider who among your family and friends would be best suited to the role.
- Who would you want to benefit from your estate? You will need to advise your lawyer who you want to be the beneficiaries of your estate, and in what proportions. You should also consider who you would want to benefit from your estate in the event that your first choice of beneficiary has predeceased you. Whilst your lawyer can assist you with the legalities of your distributions, they do not know your friends and family, so it is important that you take the time to consider both your executors and beneficiaries before your appointment.
- Do you have any other wishes reflected in your Will? It can be helpful to consider what other gifts or wishes you may want to include, for instance do you want to give someone the option to live in your property for a certain period? Or do you have specific wishes in relation to your funeral and/or remains?
- What questions do you need to ask your lawyer? It is important that you not only understand the documents you are creating, but are also satisfied that they reflect your wishes. Please ensure you ask any questions you may have at your appointment and after receiving your draft documents. There are no silly questions, and your lawyer is here to assist you with the entire process.
Considering the above before your appointment will ensure you are better prepared to receive comprehensive advice, and a Will tailored to your needs.
Contact our office on 5221 8777 to schedule your Estate Planning appointment
This article is general information only and is not legal advice or a substitution for such advice.
Article prepared and written by Courtney Gow, Commercial Lawyer – Wightons Lawyers, Geelong
