A will is set out to establish the share of assets
In simple terms, a Will helps to ensure that your families needs are met according to your wishes, when you die. Aside from distributing your wealth and assets to family members, a Will can also be designed to encompass a range of requests including;
- Providing for children from a previous relationship
- Providing for children with special needs
- Excluding immediate family
- Guardianship of your children
- Assets that do not form part of your estate (such as family trust assets)
- How to best meet your charitable objectives
When leaving a Will, you must decide
- Who to appoint as your executor
- Who will receive your assets when you die
- How and when your assets will be distributed
An effective Will should be designed according to your personal and financial circumstances and also take into account non-estate assets such as superannuation death benefits.
For more information on basic Wills, click here.