Sitting down to write your last will and testament need not be a depressing activity; instead, a chance for you to ensure that your loved ones are taken care of after you have gone. If your departure from this world is sudden, your will serves as your voice after you have gone. Without it, your loved ones and your assets are at risk.

Why Make a Will?

Whether the purpose of your will is to allocate your assets and wealth to family members, name guardians for your children, nominate charities or organisations to donate funds to, it must be valid at the time of your death. If not, you risk having all your intentions disregarded. Not least of all, your family or loved ones can end up with a costly legal headache on their hands.

How to Make a Will

To ensure that your will is legally binding and enforceable, you must have it drafted by someone with experience and signed and witnessed by someone with authority. Some lawyers will draft a will for free, while others will only charge a nominal fee. These days, plenty of online platforms offer templated wills that you can populate with your details. These services fit the bill perfectly and are a fabulous low-cost option.

What Does a Will Cover?

Your will can cover any details relating to your wealth, assets, family members, or details of your funeral. You can nominate legal guardians for children or pets or detail specific items you wish to bequest to individuals or organisations. If you want to leave your wealth to a charity, you must announce this allocation in your will.

It is also prudent to nominate an enduring power of attorney (EPA) when drafting your will. An EPA is a legal document that gives someone the power to act on your behalf. It is recommended that you nominate two EPAs – one to act over money and property matters and the other to act over matters of your personal care. You can appoint the same person to cover both, so long as you grant each power separately and expressly.

Who is Involved?

You must appoint both an executor and a trustee for your will. You may nominate a family member and assign more than one person for each role. In the event of your sudden death, it can be hugely supportive if the responsibility is shared.

The executor is responsible for obtaining probate from the court. Probate is the judicial process whereby a will is deemed valid and is the true last testament of the deceased.

The trustee is responsible for carrying out your wishes are per the details stated in your will.

Maintaining Your Will

Whenever you experience a significant change in your life, whether it be a marriage, a divorce, a property purchase, the birth of a child or a grandchild, you must review and update your will accordingly.

You must also ensure that your will is both safe and accessible. It is a good idea to inform your executor of its whereabouts.

Essentially, you must maintain your will as a living document to ensure that everything plays out as you intended after you have gone.

Top 5 Facts About Wills

• If you get married, the will in place before the marriage is no longer valid
• If you die without a will, your assets are not automatically allocated to your partner.
• If you die without a will, the government will use a formula to divide your assets.
• The last will you signed – even if it’s out of date – will be the one used in the event of your death.
• Your will is also a place for you to state your children’s legal guardians formally.

If you do not have will in place, the best time to get one drafted is now. Not only will you be taking care of the ones you leave behind, but you will be saving them the stress of managing the formal process of legally dividing your estate.