Creating a Will requires us to think about circumstances we would often rather not contemplate, and to make decisions that can feel daunting. Despite its challenging nature it is an absolute necessity: a vital step that gives us the power to dictate the future of our assets and take care of our loved ones after we are gone.
A Will decides who receives your assets, who administers your estate and, if your children are under 18, who is nominated to care for them. Without one, state law decides how your property is distributed and the court decides the rest.
A Will is not merely a legal document; it's a roadmap for your loved ones. It provides them with clarity and direction in a challenging time and gives you control over how your assets will be distributed. In your Will, you can also set up mechanisms for asset protection and tax benefits for your beneficiaries by creating testamentary trusts or protective trusts. Without a Will, you do not have control over who will be your Executor, and the state laws will determine how your property is distributed, and this may not play out as you would have otherwise chosen.
By setting up a Will, you provide yourself with peace of mind, knowing that your wishes will be respected and the people you care about will be taken care of according to your wishes. Here at Goldsmiths Lawyers, we understand the importance and the emotional weight of creating a Will, and we strive to make the process as straightforward and as stress-free as possible for you.
Many people believe that only the wealthy or the elderly need to create a Will, but this is a common misconception. The reality is that any adult, regardless of age, marital status, or wealth, should consider creating a Will. This includes:
If you own property, be it a house, a car, investments, or even personal items of sentimental or monetary value, a Will is necessary to ensure these assets are distributed according to your wishes upon your passing.
If you have children under the age of 18, a Will allows you to nominate a guardian for them should you pass before they reach the age of majority. Without a Will, the court makes this decision. You can also protect assets for your kids by setting up trusts for your children in your Will.
If you are married or are in a de facto relationship and own property as tenants in common, a Will allows you to clearly state how you want your share to be distributed.
If you're single, a Will can ensure that your assets go to the people or organisations you care about.
For those who own a business, a Will can provide clear instructions on how your interest in it should be handled.
In our digital age, many of us own digital assets like cryptocurrency, social media accounts, digital photos, and similar. These digital assets may hold both monetary and sentimental value, and just like physical assets, they should be accounted for when planning your estate.
Creating a Will is a detailed process that requires a great deal of thoughtfulness and responsibility. It involves a few significant steps, each of which we at Goldsmiths Lawyers can guide you through comprehensively. Our process generally includes:
The creation of a Will starts with making a comprehensive list of all your assets. This includes obvious items like houses, cars, and other significant investments, but also smaller items that may hold sentimental value or financial worth.
Once you have a complete understanding of your assets, the next step is to decide who will receive these assets upon your death. Beneficiaries can be family members, friends, charities, or any other individuals or organisations you choose.
An executor is a person or persons appointed in your Will to carry out your wishes. This role is a significant responsibility, so ensure that whoever you appoint is capable of taking on the task.
Your Will needs to articulate your wishes and meet all legal requirements very clearly. This is where a team of legal professionals becomes extremely valuable. At Goldsmiths Lawyers, we will work with you to draft a Will that accurately represents your wishes and stands up to legal scrutiny.
Once the Will has been drafted, it needs to be signed and witnessed according to specific legal requirements. After the signing, it's important to store your Will in a safe place. At Goldsmiths Lawyers, we are able to store your original Will on your behalf without charge.
A Will is not a static document. It should reflect your current circumstances and wishes. Therefore, significant life changes, such as marriages, divorces, births of children, or changes to your financial situation, may warrant a review and potential update of your Will.
This process can seem daunting at first, but with the right guidance and support, it doesn't have to be. Creating a Will is, at its core, about making sure your wishes are known and followed, providing clarity for those left behind. It's a responsibility we owe to ourselves and to those we care about. At Goldsmiths Lawyers, our team can guide you through the entire process of creating a Will, helping to bring you peace of mind. We are here to walk you through every step of the process with empathy and expertise.
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