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 Guide to Creating and Understanding Wills

  • October 14, 2023

Home " Legal Blog " Wills and Deceased Estate Administration "  Guide to Creating and Understanding Wills

Guide to Creating and Understanding Wills

Understanding the Purpose of a Will A will is a crucial legal document that outlines how an individual desires their assets or estate to be allocated after they pass away. It provides clear directions to those tasked with distributing these assets.

Eligibility for Drafting a Will Typically, individuals who are 18 years or older and possess sound mental judgment can draft a will. However, individuals younger than 18 are only permitted to do so under certain circumstances, like if they're married or receive a special court order.

Assets You Can Include in a Will Your estate essentially comprises all possessions you have at your time of passing, encompassing liquid assets like money, stocks, and savings. Within your will, you have the flexibility to specify: Tangible assets: homes, vehicles, money, stocks, cash Rights and authorities: for instance, nominating a trustee for a family trust Personal belongings: items like jewelry, literature, photographs. Ensure these items are distinctly recognizable for smoother distribution. Additionally, your will can cover specific wishes concerning: Disposition of your remains Intent for organ donation Preferred guardians for any minor children (though courts hold the ultimate say).

What a Will Doesn't Cover It's essential to note that not all assets transition through a will upon one's passing. Some examples are: Property co-owned as joint tenants, which gets transferred by 'survivorship' Assets connected to your retirement funds or insurance - these usually have designated beneficiaries Assets in family businesses or trusts. While you might control them, you don't outright own them. Thus, a will should convey the control of these entities to appropriate trustees or beneficiaries. Optimizing your will is crucial to ensure that your desires are executed accurately after your passing. If you're considering drafting a will or need guidance on estate planning, seek professional advice to ensure all your bases are covered.treat (to a meal etc)click hereLearn more, orContact usof the office.The address of Chua Ching Wai & Co is Level 2, 262 Queen Street, Melbourne 3000. Telephone 96023988.

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