What To Think About When Preparing A Will

Thinking about preparing a will can be a daunting task, but it is a crucial step to ensure that your assets are distributed according to your wishes after you pass away. Here are some important considerations to keep in mind:

1. Choosing an Executor

One of the first decisions to make when preparing a will is selecting an executor. This individual will be responsible for carrying out your wishes as outlined in the will. It is important to choose someone who is trustworthy and capable of handling the responsibilities that come with being an executor.

2. Identifying Your Assets

Before drafting your will, make a list of all your assets including property, investments, bank accounts, and personal belongings. Clearly identifying your assets will help ensure that nothing is overlooked when distributing your estate.

3. Naming Beneficiaries

Decide who you want to inherit your assets and how you want them to be distributed. You can name specific individuals, charities, or organisations as beneficiaries in your will. Be clear and specific in outlining your wishes to avoid confusion or disputes among your loved ones.

FAQs

Q: Do I need a lawyer to prepare my will?

A: While it is not a legal requirement to have a lawyer prepare your will, seeking professional legal advice can help ensure that your will is valid and accurately reflects your intentions.

Q: Can I make changes to my will after it has been drafted?

A: Yes, you can update and revise your will at any time by creating a new document or adding a codicil. It is important to review your will periodically to ensure that it reflects your current circumstances and wishes.

Q: What happens if I die without a will?

A: If you pass away without a valid will, your assets will be distributed according to intestacy laws in South Australia. This may result in your estate being distributed in a way that does not align with your wishes.

For client-focused guidance on preparing a will in Adelaide, contact Wright Street Lawyers today. Our experienced team specialises in estate planning and will ensure that your wishes are accurately documented and legally binding.

Don’t leave the distribution of your assets to chance. Take control of your estate planning today with the help of Wright Street Lawyers.