As you get older, you begin to understand what is important and what is not. However, turning your insight into tangible action plans is not an easy process. But by beginning estate planning, you can ensure your final wishes are carried out and those you care about receive an adequate provision.
To help you with this process, here are some of the things you can expect when you begin writing a will with an experienced lawyer.
Estate planning and will-making
Beginning estate planning is essential for all people no matter their age or wealth. However, there are a number of life events that make starting this process more imperative. For instance, if you are expecting a baby and you do not have a will, your child's future should be addressed.
To begin, you will need to set out who you would like your assets to go to and the size of the segments to be distributed. Essential to this is calculating the value of your assets, either by yourself or with the assistance of a professional. Additionally, if you have children or dependents, it is important to name a guardian in your will.
The next stage involves constructing the will as a well-written document. To accomplish this, you will need to seek out the advice and expertise of an estate planning lawyer. A well-crafted will can allow your estate to be distributed easily and without imposing additional costs or administrative requirements on your relatives.
The signing process
After you have read the will and ensured that you not only understand but are happy with its contents, you can move on to the signing process. Like most legal procedures, signing a will involves meeting a number of requirements.
For a start, there should be two adult witnesses present during the signing process. Their role is to ensure that the will-maker is not under undue pressure or influence when signing this document.
Additionally, a beneficiary of the will should not be a witness to the will. If this happens, there is a chance that the beneficiary will be unable benefit from the estate. Having said this, there are special circumstances that allow a beneficiary to be a witness - as set out in section 10 of the Succession Act NSW (2006).
If you would like to know more about this process and the specific legal procedure that is required to administer a will, make sure you talk to a team of experienced wills lawyers today and find out more.