5 Simple Steps To Draft Your Will

5 Simple Steps To Draft Your Will

Last Updated on March 12, 2024 by admin

Forever is not promised to anyone in this world. Every soul has to leave at some point and therefore it is necessary to live your life realistically and make decisions wisely. We always plan for the future, be it a business investment or insurance policy, we want to secure our future. But not many people think of making a will in their lifetime and securing the future of their loved ones when they are making future plans.

It is important to draft a will as part of future investment. It will pay you well when the time comes. You can also create a will online in Australia and ensure things go as you wish after you’re not around to take care of your affairs. By taking a few minutes out of your busy routine, you can draft your will and have a piece of mind. You can choose your beneficiaries yourself, your executor, mention guardianship of your children, and much more by customizing your will as per your wish. In this blog, we will shed light on a few simple steps that can help you in drafting your will.

1. Consider Your Options To Make A will

A will is a legal-binding document that decides the division of your assets when you pass away. Before making a will you should consider the options by which you can make it. For instance, you can create an online will with the help of software, you can simply write it yourself or take professional assistance from an attorney. However, it is highly recommended that you seek assistance from an attorney if your estate is large or you own assets out of the country as well. An attorney will guide you thoroughly and make the process easy for you.

2. Size Up Your Estate And Decide What You Want To Include In Your Will

Once you’ve decided the way you want to make your will, you need to choose what to include in it. List your assets like real estate, business holdings, stocks, digital assets, etc so you know what to include in the will and which items you should leave to be dealt with by other methods. For instance, things you should not mention in your will include funeral plans, jointly held assets, etc.

3. Decide An Executor And Guardian

The next step involves choosing an executor for your will. An executor is someone who will deal with all your affairs from the division of assets to tax payments when you’ll be no more. Choose someone honest and capable of executing your will. In addition, also nominate a guardian for your children who you want to raise your children with if you die. Choose someone trustworthy and responsible as you want to leave your kids in good hands.

4. Choose Beneficiaries

When it comes to the division of your assets, choose beneficiaries who will benefit from your will after you. You need to be very particular as to mention who gets what and why. Everything will be recorded in your will. In addition, you can also add special instructions for someone with special needs to make sure they don’t get neglected after you are gone.

5. Update Your Will Time-to-time

Assets are not constant and so should be will. You need to update your will now and then to make sure it covers all your assets. Especially when you buy a property or get a huge sum of money, you should revisit your will and make changes accordingly. Your will should evolve with you to avoid any inconvenience later.

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Sophia Anderson
Sophia Anderson is a finance writer and blogger with a passion for helping people improve their financial literacy. With over 5 years of experience in the finance industry, Sophia has worked with individuals, families, and small businesses to provide financial advice and guidance. Her expertise includes budgeting, saving, credit management, and debt reduction. Sophia is dedicated to breaking down complex financial concepts into easy-to-understand language and empowering her readers to make smart financial decisions. She is a frequent contributor to financial publications and has written extensively on topics such as personal finance, investing, and financial planning. Sophia's mission is to help people take control of their finances and achieve financial security and freedom. When she's not writing, Sophia enjoys hiking, practicing yoga, and reading personal finance books.