There are plenty of will items out there, so how to know the best one to buy, and common mistakes made when using a will item?
Online versus newsagency will items
A recent analysis by Choice.com.au showed that many of the basic newsagency style Legal will items were woefully limited. The most common problem is that they are overly simple in their nature and don’t have sufficient features when, for example, providing for children.
Does your will item provide for children?
Will items from www.legalwill.com.au overcome these issues. As you build your will online, you’re taken through screens that explain the input required and you can make several allowances for your children, such as guardianship and holding items in trust until a specific age.
General advice – appointing an executor
As life is meant to be dynamic, no will can be totally future proof. Give your will the best chance of aging gracefully as you give careful consideration to the executor. This can be a burdensome task, as they must apply to the court for a probate to administer your estate, then set up any necessary trusts if required within your will. While your best friend may seem like the perfect person for the job, consider if they have the technical skills and patience for such a task. Make sure you discuss this with your executor too so there are no nasty surprises down the track. It can be a good idea to appoint a second executor, which will come in handy if your first is unavailable, moved overseas, unwilling to take on the job, or even may have passed on themselves.
Keep it updated
Life never stands still for a minute. As your situation changes, so too should your will. The experts at Easy Name Change, are constantly reminding couples that marriage immediately voids a will and encourage all newly weds to sit down and create a will. Then said couple have a baby. To avoid any second guessing, make arrangements for their care should you not be around to see them come of age. If you have a life insurance policy you may also want cash or other assets held in trust until they reach a certain age.
Who’s in and who’s out?
As you get older, it gets easier to become complacent about keeping such documents updated. But that’s also when your family and friends are going through just as many changes. Perhaps some of the family and friends listed in your will are no longer alive, or perhaps they are not as close as when you first created your will. Make sure to review it so that the people you want included are still included, and the people you want excluded are taken out (and they don’t have to know about it either!)