What information do I need to include in my Will?

While each person’s requirements differ there are three key aspects which should be addressed in making a will. These are:

1.  Appointing an Executor

Your executor is the person charged with administering your estate according to the terms of the will and according to law. Your executor must call in the assets of the estate and distribute the assets to the beneficiaries nominated in the will. Along with having the right and responsibility of dealing with your assets the executor is also responsible for dealing with your body on your death. In these circumstances it is no wonder that the executor should be a person who you trust.

You may nominate more than 1 executor to act, but it is important to note that many executors increase the likelihood of a dispute between them. For this reason it is often best to nominate the one executor, with a substitute executor in the event that the chosen executor is unable or willing to act. The executor must be 18 years as at the date of your death in order to obtain the Grant. If not another person will be appointed as administrator pending the minor attaining the age of 18 years. 

2.  Nominate Beneficiaries

Your estate will be assessed as at the date of death and then distributed according to the provisions of your will. You may wish to include bequeaths of specific assets, for instance ‘my car to Ben Smith’, or divide your estate between beneficiaries, for instance ‘divide my estate equally between my children’. When making a will it is important to obtain qualified legal advice to avoid unintended consequences. Using the above example, a gift of ‘my car’ will result in the car owned at death to be passed to Ben Smith, which may be very different from the car owned at the time of making the will. Consideration must also be had for circumstances in which the beneficiaries do not survive, for instance, where children do not outlive their parents how should that child’s share be distributed? Your lawyer will address these issues to ensure all of your estate is properly dealt with following your death in accordance with your wishes.

3.  Burial or Cremation?

In NSW a person’s body is not considered property which can be dealt with according to the terms of one’s will. As noted above the task of dealing with the deceased’s body is instead left to the nominated executor. Despite this, unless the executor has received advice during the life of the deceased’s person an executor is often left unawares as to what funeral arrangements the deceased person wanted. For this reason it is advisable, although not enforceable at law, to include directions for the executor as to whether one’s body should be buried or cremated along with any other details relating to same (such as any preferred directions for scattering of ashes or burial location). 

If you have not made a will then giving some thought to the above three matters before a conference with your lawyer will assist with the preparation of the will. To make an appointment to see one of our lawyers get in touch by contacting your nearest Prime Lawyers office or by making an enquiry online.  

We have wills lawyers located at Sydney, Parramatta, Chatswood, Sutherland and Wollongong.