How to make a will
Everything you need to know about making a will.
RACQ Manager Business Development Eszter Cathcart recently interviewed Emily Brown, Solicitor at BT Law, to discuss what members needed to know about making a will.
Q: Why is it important to prepare a will?
“It’s really important everyone has a will, regardless of your age or financial situation,” Ms Brown said.
“When most people think about wills, they think purely about the physical assets – what happens to their money, home and car, but forget to think about things like, who will be the guardian of their underage children.
“We all need to remember that a will isn’t about you, it’s about the loved ones you leave behind. Which is why it’s so important your estate affairs are in order to avoid hassle and complications when you pass away.”
Q: Why do people need to go to a solicitor to get a will?
“While it’s possible to make your own will, there is a lot of case law where a deceased person has tried to make a will themselves, but it has been found invalid after their passing,” Ms Brown said.
“The Succession Act in Queensland is the legislation which governs the requirements of a will. It is incredibly easy to miss certain requirements of a will if you’re not experienced in this particular area. If you are going to the effort of getting a will, why not do it properly?”
Q: What are your five top tips to make a will?
- Don’t put your will in the too hard basket, start thinking about it today.
- Book an appointment with someone who is qualified and experienced in estate law, such as a solicitor, to get their help in preparing a will.
- Check your will every year, when you’re doing your tax return, to ensure it’s still in accordance with your wishes.
- Allow plenty of time and energy to carefully consider your wishes. This can be a really hard conversation to have with yourself and perhaps your family, but it needs to be done
- Organise your enduring power of attorney at the same time.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
RACQ Financial Planning Pty Ltd (RACQ FP) is a Corporate Authorised Representative (Representative No. 293929) of Actuate Alliance Services Pty Ltd (Actuate), AFSL 240959, ABN 40 083 233 925. Actuate is wholly owned subsidiary of IOOF Holdings Limited ABN 49 100 103 722.