Many people don’t give too much thought to creating their will because they don’t believe they have anything of extreme value. However, it’s essential to point out that you don’t have to have large amounts of money, property, or business interests to need a credible will.
Planning your final will should be about tying up all the loose ends in your life, rather than merely distributing your possessions. With this in mind, it’s a good idea to consult with the wills and estates lawyers Melbourne locals are turning to.
A Way to Finalise Everything
If you’re someone who doesn’t like loose ends, then you more than likely already have a will in place. This means that you would already have listed your beneficiaries, assigned an executor, and listed the way you would like your property to be distributed. While these are all essential factors, there are a few more that our experts want you to give some thought to. We’ve listed them below.
- Include Specific Funeral Instructions
- Highlight Your Wish to be an Organ Donor
- Include any Wishes to donate to Charity
- Be Specific About Your Pets
- Update Your Will Often
Depending on your religion, lifestyle choices, or general views, you may want specific funeral procedures to be followed. If this is the case, it’s essential to list these in your will. This will ensure that your wishes are honored and also prevent any issues between family members.
For instance, if your family tradition has always been for people to be buried, your decision to be cremated may cause some tension after the fact. Having your decision added to your will ensures that your specific wishes are carried out. Consider these factors:
- Where would you prefer the funeral or cremation to be?
- For cremation, would you want your ashes to be scattered somewhere specific?
Be sure to also discuss your plans with your loved ones to ensure that the wrong option isn’t selected before the will is read.
Typically, your wish to be an organ donor should be discussed with your doctor and your immediate family long in advance. This shouldn’t be something that you spring on people after your passing. Ensure that you register on Donatelife.gov.au and follow the specified procedures to make people aware at the time of your passing.
Keep in mind that authorised hospital personnel will check the Australian Organ Donor Register (AODR) at the time of death. Mentioning it in your will is simply a formality to confirm that it was your wish. This may help your family understand why your spouse had your organs donated if they were not on board with it. This is especially crucial if you’re from are religious background where organ donation isn’t usually opted for.
Many people are keen to donate a portion of their estate to charities that have helped them, their families, or whose work they believe in. Your family may not always know or understand why you want to donate money, so adding it to your will is essential. Be specific about the amounts you want to donate. You also need to make sure that you provide the charity’s full details to ensure that funds are allocated correctly.
If your pets are a valuable part of your life, it’s essential to have them provided for. This is especially essential if you live alone. It’s a good idea to give this some thought and speak to your family about who would have the space and time to care for your pets. You may also want to allocate funds to have pet care provided for, especially in the first few months, when your beneficiary adjusts to the expense of your pet.
Life has a funny way of changing. People who are in your life today may not be a part of your dynamic a few months down the line. Relationships and friendships change, which means the people you want to include in your will today may not be in your life years from now.
With this in mind, experts recommend updating your will at least once a year or after a major life event that affects your will. For instance, having a new baby means you may want to include them in your will. You will also have to remove and replace beneficiaries who pass away before you.
Final Thoughts
Setting up your final will should be about more than deciding who gets the car and the house. You can use your will to provide clarity on your funeral arrangements, whether or not you want to donate money to charity, and whether or not you want money to be placed in a trust fund to secure your children’s futures.
Combine our tips with a comprehensive consultation with your local wills and estate lawyer. Doing this will ensure that your will is created correctly and you’ll soon have peace of mind that your assets and your wishes are distributed the way you want when you are no longer around.