One of the most important priorities in your life should be a Will. Arranging your affairs to provide for your family and friends by making a Will can give you peace of mind.

Although making a legally valid will can be complicated, following are the basic requirements of a will.

1. Distribute your Assets

Choose the people who will receive your assets (your beneficiaries). Usually these will be your children, spouse, close friends and loved ones.

You may also wish to make some specific gifts.

Anything left over once your debts have been paid and specific gifts have been given Is referred to as the ‘residue’ of your estate. You will need to nominate a person or organisation to receive the residue of your estate.

Importantly, by law you may be required to adequately provide for dependents such your spouse and children (even adult children). Failure to do so may leave your Will open to legal challenges.

2. Choose an executor, trustee and guardian

‘Appointment’ is the process of choosing individuals to carry out your wishes as expressed in your Will.

• An executor ‘executes’ the instructions in your Will and are responsible for ensuring that your beneficiaries actually receive what you have left them in your Will.
• A trustee looks after assets held in a trust for the benefit of other people. Your executor and trustee may be the same person.
• Guardian: If you have children under the age of 18, the guardian(s) appointed in your Will are responsible for caring for them.

It is important to talk to the people you choose to perform these duties to ensure that they are happy to be appointed. Choosing people with appropriate skill sets who will work well with the other appointees will help ensure that your estate is administered as you intended.

3. Meet the formal writing requirements

There are specific, formal writing requirements which must be met to make your Will valid. If you do not meet these requirements the court may not give effect to your Will. For a Will to be valid, it must:

1. be In writing (handwritten or typed);
2. state that the document is intended to be your Will;
3. be signed by you (called execution) on each page in the presence of at least two witnesses, then signed by the two witnesses; and
4. be dated at the time of signing.

4. Store your Will in a safe place

Keep your Will in a safe place which is also easily accessible. We can store your Will in safe custody for no charge. This gives you security and allows you, or upon your passing, your executor, easy access to your Will.

Here to Help

Contact us now for free no-obligation initial telephone advice about drafting your Will.