If you are planning to make a will in Qld here are 10 things you should consider first. Making a will is a crucial task in life as it deals with what will happen to your assets, minor children and body after death.
If you need help creating a will, we offer a will drafted by a lawyer at an affordable price. It is only $799 for a simple will or $999 for a simple couples will. It is best to get your wills drafted by a professional lawyer rather than using a will kit to ensure your wishes are upheld after death. Will disputes from poorly drafted will kits are dealt with under the Succession Act and can be a costly venture.
Limited time offer: $599 single wills, $799 for couples. Get your obligation-free quote today.
Making a Will – A checklist
1. Who are your beneficiaries?
One of the first things to consider when making a will is who you will name as your beneficiaries. These are the people who want to inherit your assets (known as your “estate”) after you pass away. Some considerations include whether you would like to give your estate to your beneficiaries in equal or unequal portions.
2. Who will you make as your executor?
If you are wondering what is an executor, we wrote a whole post on this question to help you out. Essentially, an executor is someone you trust to carry out your wishes and administer your estate after you pass away. You may have multiple executors. A beneficiary of your estate may also be an executor. To reduce the chance of conflict and to aid the proper administration of your estate, it is also possible to elect a law firm as an independent executor.
The role of an executor can be demanding (see some of the executor’s duties on our executor’s checklist). Executors in Qld are eligible for compensation from the estate for their ‘pains’ and ‘troubles’ of administering it. This depends, among other things, on how difficult the administration of the estate is. The executor’s commission needs to be signed off by a Court or by your beneficiaries if your executor or executors plan on claiming it.
3. Who will you make as your alternative executor?
If your preferred executor is unwilling or unable to take on the role, it is a good idea to nominate an alternative executor or executors.
4. Who will be the guardian of your children?
If you have children who are minors (under 18 years old), you will need to consider who you would like to nominate as your preferred guardian until they reach 18 years old. This should be someone who you wholeheartedly trust to raise your children as you would like to be raised. Note if one biological parent dies, in most circumstances the other parent will automatically assume responsibility for the child. If you are married or in a relationship, it is possible to elect your spouse as guardian and a third party as an alternative if you both pass at the same time.
5. What would you like to happen to your body after death?
In your will is where you can specify what you would like to happen to your body after death. This can include whether you would like to be buried or cremated and whether or not you would like your body to be donated to science. Organ donation requires immediate action so the better course is to register as a donor so immediate steps can be taken. Organ donation is not typically dealt with in your will for this reason.
6. What assets do you have?
It is best practice not to list individual assets in your will as these assets may not be the same at the time you passed away. Instead, you can give your whole estate to one person or to be divided in equal or unequal shares. This will help avoid gifts failing because you no longer own the gifted property.
However, in order to assist your beneficiaries and the executor of your estate, you could make a list of your assets. This would not include what assets go to what person just a simple list of what you own. The inheritance of your estate should be solely dealt with via your will to avoid any confusion which could lead to will disputes in the future.
Read more: Estate Assets vs Non Estate Assets
7. What liabilities do you have?
Similarly, you should make a list of your liabilities including debts and mortgages. This can be kept with your will and make it easier for beneficiaries and the executor to administer your estate after death.
8. Have you considered your superannuation?
Many people do not realise that superannuation is not automatically dealt with under a will. What happens to your superannuation is decided by your superannuation fund. You can take control of where your superannuation is paid to by preparing a binding death benefit nomination in favour of your preferred beneficiary. It is a separate document but something you might like to consider doing when you do your wills.
9. Do you have an enduring power of attorney in place?
Similarly, an enduring power of attorney is a different document and completely separate to a will. That is because a power of attorney is something that comes into place when you are alive but incapacitated and a will comes into effect when you are dead. You should consider making an Enduring Power of Attorney as part of your estate plan when you complete your wills.
10. Should I draft the will myself or use a will kit?
If you choose to draft your will yourself or use a will kit, you are exposing your intended beneficiaries to a lot of unnecessary risk. For example, we have dealt with cases where will kits were not properly executed and beneficiaries and executors were not properly named. It’s an easy mistake which we’ve seen cause further stress to family at an already difficult time. Do not risk your life earnings to one or two hundred dollars.
Our experienced estate lawyers will ensure your estate is protected for only $599 for a simple will or $799 for a simple couples will. This will is drafted by a lawyer to avoid shortfalls or using a online will kit or a paralegal. If you would like to talk with us more about getting a will created, you can call our office on 07 3073 2405.
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