Never too Early: Here’s How to Start Writing Your Own Will

Estate Planner in QueenslandRecords from the Australian Securities and Investments Commission show that 50% of people die without a will. A study conducted by researchers from The University of Queensland, moreover, reveals that a majority of the younger population is apprehensive about writing their wills.

There’s no reason to put off writing a will. Creating one will eliminate future problems, including delegating your assets, or nominating guardians for your dependants.

Before you get in touch with lawyers from Rapid Legal Solutions for help with crafting your will, it pays to know the basics of writing one. Here are some things you need to know before you start writing your will:

  1. Choose key players well.

In finding the witness and executor, tap the person with the least to inherit, and someone who will most probably outlive you, respectively.

To prevent entitlement feuding, it also pays to sit your relatives down and seek their input. Bruce Cameron, an estate planner, says it doesn’t hurt to know early on if there is a member of your family who wishes to have grandma’s fine china or your garden gnome collection.

If any of the heirs are unwilling to claim their assets or suddenly become unavailable, also indicate where the inheritance should go. This is in case any of your beneficiaries “predecease” you, or if one of the charities ceases operations.

  1. Be explicit.

Instead of identifying heirs by their names alone, it pays to include other identification details, such as their relationship to you and birth address. Similarly, do not refer to your home using the address alone. It pays to include legal descriptions on the deed.

If you intend to leave a person out, say, a sibling you haven’t seen in 10 years, state it in your will as well. Clearly indicate: “I do not leave anything to my sibling, “X,” and this is intentional.” This leaves no room for disenfranchised family and friends, too.

There is no “right time” to write your will, as you can always revise its contents. Leaving a will can help you make sure your hard-earned assets go only to people you value most.