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Perhaps fortunately in some circumstances, you are able to make a valid will without having to obtain advice from a lawyer. This has probably become more frequent due to the rapid increase in availability of a variety of ‘do it yourself’ kits and information sources setting out the requirements of a simple will.
For a will to be valid, there’s actually very few requirements:
- it must be in writing, signed by the person making it;
- it should be dated at the time of signing;
- 2 independent people over the age of 18 should witness the signing of the will.
Whilst making your own will may seem straight forward, it doesn’t mean you should make your own. Proper estate planning should be focused on reducing the emotional and financial burden on your family if you’re not here or can’t make decisions. It’s important to note here that most of the informal will cases have to be proven in court at great cost.
There are lots of things to consider when you are developing your estate plan. However, the 2 most important things to consider when creating your estate plan are flexibility and certainty.
Flexibility vs Certainty
A very important theshold issue in determing how your estate planning documents should be crafted involves assessing which of these 2 values is most important to you.
Certainty: Do you want absolute certainty that your wishes will be followed through?;
Flexibility: Do you want to leave the people you trust some discretion to do whatever is appropriate at the time of your passing?.
Certainty is a preferred option for example, for blended families as it ensures that the outcome you want will come to pass. However, in the rigidity of the plan, are lost opportunities for your beneficiaries to make decisions that will materially benefit them, based on their circumstances and yours at the time of your passing.
Flexibility, whilst beneficial in terms of creating options rather than absolutes, must be treated carefully, depending on your circumstances.
Holistic Review
It’s crucial that those reviewing their estate plans are aware that the process of estate planning should be holistic.
Your wills and powers of attorney only cover those assets that are in your own name. Care should be taken, and advice obtained to ensure assets outside your estate (such as those held in other structures such as trusts and companies and in superannuation) are directed to align with your wider estate planning objectives.
A carefully crafted estate plan should be robust enough to avoid you having to frequently update your documents. However, there are many things that affect the appropriateness of your estate planning documents, largely based on a material change in your circumstances, those of the beneficiaries or the law affecting your estate plans.
Ultimately the best way to ensure your documents remain appropriate, is to ensure you have your documents regularly reviewed with your advisory team and update them as and when appropriate.
Contact the team at Next Stepz to discuss your estate planning arrangements and ask them about their complimentary review service.http:// https://nextstepz.com.au/shop/collaborate-and-listen/ https://nextstepz.com.au/shop/straight-outta-complex/https://nextstepz.com.au/shop/go-your-own-way/
