Preparing to create your new Will?

Creating a new will is a crucial step in ensuring your assets are distributed according to your wishes after you pass away. In order to make the process smooth and effective, it is important to be well-prepared before meeting with your lawyer.

This article outlines key items to review and have ready prior to your meeting, ensuring a productive and comprehensive discussion with your legal advisor.

1. Previous Will and Legal Documents

Bring a copy of your existing will (if you have one) along with any relevant legal documents such as powers of attorney, healthcare directives and any trust deeds or superannuation fund deeds. These documents ought to be reviewed by your lawyer to ensure that they align with your current wishes and to facilitate updates as may be necessary.

2. Executor Selection

Choose an executor or executors, who are the person(s) responsible for managing the distribution of your assets according to your will. Your executor(s) should be trustworthy, organized, and capable of handling financial matters. They ought to be amenable to seeking and receiving legal, accounting and taxation advice. Discuss your decision with your chosen executor(s) prior to your meeting with us to confirm their willingness to take on this role. You will need their full legal name(s).

3. Guardian for Minor Children

If you have minor children, appointing a guardian is a critical aspect of your will. Think carefully about who you trust to make decisions about the care of your children in the event of your passing. Discuss this choice with the potential guardian and seek their full legal name(s) beforehand to ensure they are willing and capable of taking on such responsibilities.

4. List of Assets and Liabilities

Before meeting with us, compile a list of your main assets and liabilities. That list should include information on real estate, bank accounts, investments, retirement accounts, business interests, personal property and any outstanding debts. This overview will help your lawyer understand the scope of your estate and provide valuable insights into the most effective distribution strategies.

5. Beneficiary Selection

Consideration should be given to identifying individuals or organizations you would like to inherit specific portions or items from your estate. Consider family members, friends, and charitable organizations that hold significance in your life. When making these decisions, it is important to be specific if there are certain assets you wish to allocate to each beneficiary rather than inheriting a percentage of the whole. Whether it's a cherished heirloom, a monetary gift, or a particular piece of property, outlining these details in your will provides clarity and helps prevent potential disputes among beneficiaries. Your lawyer will require the full legal name(s) of any individual beneficiaries. For charitable organisations we also recommend contacting the charity to request their official name and their ABN to ensure the correct charity is identified prior to asset distribution.

Preparing for a meeting with your lawyer to draft a new will involves careful consideration of your assets, beneficiaries and various preferences. By taking the time to compile essential information and to thoroughly review your wishes, you'll contribute to a smoother and more efficient estate planning process. Keep in mind that regularly revisiting and updating your will is crucial to account for changes in your life and to ensure that your written legacy reflects your current values and desires.