Preparing a Will
A Will is a legal document you write saying how you want your estate handled after you pass away. It’s often your last message to your loved ones, but it also serves important legal purposes.
A well-written and current Will helps make sure:
- your family are financially provided for after you pass away
- you know who’ll care for your children
- your assets are given to who you choose
- the people managing your estate know how you want things done
- your estate can be settled quickly
You can make a will yourself through the Online Will guided platform from Service Victoria or book an appointment to work with a professional estate lawyer to customise a Will suitable for your situation.
You should update or change your Will after major life events, such as:
- marriage or divorce
- buying or selling a home or business
- having a child
- changing who will benefit from your Will
- changing who will execute your Will
- changing who will be guardian of your minor children.
When writing a will it’s important to get good tax advice so your will can be structured and documented in a effective way (e.g. minimise CGT) and give your executor good flexibility in how estate assets are distributed amongst your beneficiaries.
If you would like to review your will or would like help in structuring your finances don’t hesitate to contact us at STS Accounting.
