Creating a will is an essential step in ensuring that your assets are distributed according to your wishes and that your loved ones are cared for after your passing. A well-drafted will provides clarity, minimizes disputes, and offers peace of mind for you and your family. This checklist will guide you through the key considerations and steps involved in preparing a will, making the process straightforward and manageable.
1) Choose your Executor
The role of an executor is carry out your wishes in your will and liaise with the lawyer to apply to Court for a Grant of Probate before assets can be distributed. When choosing an Executor, ensure that they are 21 years or older. Your Executor can be one of your beneficiaries. It is also prudent to consult the person you will be asking to be the Executor to be assured that they are comfortable with the role and so that they are aware of the responsibilities. You may want to consider having a substitute executor if the first one is unable to do so.
2) Make a simple Will
A straightforward will is easier for your executor to implement. For example, you can specify the percentage of your total assets to be distributed to each beneficiary, ensuring clarity and simplicity.
3) Appoint testamentary guardians for minors
If you have children under 21 years old, appoint someone you trust (above 21 years old) as their testamentary guardian. It is also prudent to consult the person you will be asking to be the guardian to be assured that they are willing and comfortable with the role and so that they are aware of this responsibility.
4) Check for right of survivorship clauses in Bank Accounts
Not all bank accounts held in joint names have a right of survivorship clause, and you should check yours. If there isn’t one you should be clear in your will about such bank accounts.
5) Keep your will in a safe place
Once your will is made, you should keep your will in a safe place where your executor can easily access and find.
