4 Important Things You Shouldn't Forget to Put in Your Will
According to studies, at least 45% of the Australian population do not have a valid will.
If your family lawyer has suggested that you join the 55% of the population that do, read on.
When contemplating a will, many people think about who they want to leave their property and money to, as this seems to be the prime reason to have one. However, what many fail to do is think about the other things that may not have monetary value but are more important. Before you sit down to write your will, look at this guide for 4 things that you might want to include.
Who Do You Want to Care for Your Children?
Of course, you won't be leaving your kids to someone in the same way you would leave your belongings, but you'll almost certainly have ideas about where you want your children to go. There is no guarantee that your wishes will be adhered to, but they are likely to be taken into account by a court of law. So, think carefully about who should look after your children if you're not around. Discuss it with them and get an agreement beforehand then make sure it's documented in your will.
What Should Happen to Your Pets?
If you have pets, then you'll want to make sure that they will be cared for should anything happen to you. List a caregiver who will be happy to love and care for your pets in the event of your death. It's a good idea to have a second caregiver in case the first choice is unable to take your pets. It's also a good idea to check with the people you're planning to list in advance.
What about Alternative Beneficiaries?
You may be thinking of a primary beneficiary, but have you thought about what will happen if that person is deceased by the time your will is read? It's also possible that the person you name might not old enough to receive the gifts you bestow or may no longer be of sound mind. It seems an unpleasant thing to consider, but it's important if you want to know that your belongings will go to the people you want to receive them. For that reason, you should have at least one alternative beneficiary.
Who Gets What Heirloom?
An heirloom can be worth a fortune or worth a few dollars. Often what makes it special is the meaning it holds to the person receiving it. If you know that one of your family has a particular love for an item of yours, then consider making sure that they get it without them having to argue with other family members over it. Grief can be a difficult enough time without arguments amongst loved ones making it worse. You can ask all your beneficiaries whether they have something particular they would like and add that to your will.