What to include in a will
Making a will is the best way you can ensure your assets will be distributed according to your wishes. So it's important to understand and consider what you can, and can't, include in your will.
One of the most important inclusions is an executor; the person/s or entity you nominate to carry out your instructions.
If you have children under 18 years of age, a testamentary guardian is needed. That is, an adult designated responsible for the welfare and upbringing of minor children.
Did you know pets are considered legal property? And given many are treated like family, allocated funds and a nominated pet carer can form part of your will and overall estate planning.
Depending on your circumstances, other possible elements to consider for inclusion in your will might be:
- listing your assets and beneficiaries
- allocating gifts, be that monetary, specific or your residual estate
- documenting your funeral wishes
- recording all your accounts, memberships and digital profiles to make it easier for an executor to cancel or transfer services
Reviewing your will
It's recommended to review your will every 5 years or whenever there's a significant event or change in your life.
This could be when getting married, having children, changes to your financial situation, separating or divorcing, moving overseas or the death of a proposed beneficiary or executor.
In these situations, the terms of your will may be impacted so it's important to ensure it reflects your current circumstances.