Basic Steps to Prepare for Making a Will

The cost of preparing a Will may be significant, depending on how long it will take a legal advisor to understand your particular requirements, in order to prepare a legal document that reflects your requirements. But you can help reduce the costs, by preparing the basic information your legal advisor will require, before you meet with them (as you may know, most solicitors charge by six minute increments!).

To help you get started, I have put together a basic list of information you should prepare, and forward to your solicitor, before scheduling an appointment with them:

1. Contact a legal advisor and make an appointment with them to discuss your requirements for preparing a Will
2. Write down a list of your assets (make sure you include your superannuation), including a brief description of each asset, and any 'identifier' (e.g. bank account number, super fund member number, etc.)
3. Write down the 'ownership structure' of each asset (i.e. jointly owned - and with whom; owned by you; owned as 'tenants in common'). Be aware, jointly-owned assets do not form part of your esate (most homes are jointly owned, so they do not need to be included in your Will)
4. Write down a list of your liabilities (include the name of the lender and loan account numbers; the same for your credit cards, interest-free loans, and store cards)
5. Write down a list of your life insurances (include any life insurances you may have in superannuation)
6. Decide whom you trust to be able to carry out your instructions in the event of your death (this person or persons will be the 'executor' of your estate). You may want to discuss your intentions with the person or persons, to ensure they are willing to act as your executor. Also, make sure you have an alternative person or persons to act as your executor, in case your primary choice is unable to act for you
7. Decide to whom you would like to leave your assets (the 'beneficiaries' of your will; list each person or persons' full name, date of birth and address, and their relationship to yourself). Also make a list of alternative beneficiaries of your estate, in case your primary beneficiaries predecease you
8. Decide how you would like your estate to be distributed to your beneficiaries (try to use shares or percentages of your total estate, as opposed to specific assets, as those specific assets may not exist at the time of your death, and therefore cause delays in finalising your estate). If you do have a specific asset or assets (i.e. a family heirloom, perhaps?), then try to make sure that the intended beneficiary is aware of this bequest, and the whereabouts of the asset is also known to them.
9. Decide on what share or percentage of your estate your alternative beneficiaries will receive, in the event the primary beneficiary predeceases you. For example, you left the whole of your estate to your husband, but he predeceased you, so your alternative beneficiaries will be your three children, therefore they each receive one third of your estate.
10. If you have children, decide whom you would like to look after them, in the event of your death, and before they reach adult age (referred to as 'guardians'). As with the executor, it is recommended that you discuss your intentions with the proposed guardian or guardians, to ensure they agree to look after your children in the event of your death. Also you should have an alternative guardian or guardians, in the event that your primary guardian or guardians predecease you
11. You may also want to make provision for the residual of your estate (in case all of your nominated beneficiaries predecease you), but be aware this may cause issues in finalising your estate, as potential beneficiaries not named in your will (e.g. grandchildren you may not have had at the time you prepared your will) may be forced to challenge your Will, in order to receive the share of your estate you would have wanted them to have
12. Write down all of the details of your intended Will, sign and date this document, and take it with you to the solicitors appointment, to ensure that at least your intended wishes for your estate are documented, in case something happens to you, before you are able to sign your will (don't laugh, this happens more than you would think!)

Remember, the laws surrounding estates are complex, and your particular situation may require significant legal advice to ensure your estate is distributed in accordance with your wishes. Therefore I strongly recommend you have a suitably qualified legal advisor prepare your Will for you.

If you are a Total Service Client of McKinnon Financial Planning, we will hold most of the information you require, and we will co-ordinate with your legal adviser to have your Will completed, so please Contact Us, to schedule a meeting to confirm your requirements.

If you do not have a legal advisor to prepare your Will, please do not hesitate to contact us for a referral. If you would like to know more about our Financial Planning Services, please don't hesitate to Contact Us and arrange your Free Financial Assessment today - because.... everyone needs a plan!