This allows you to simply leave all of your possessions directly to your next of kin. You then make alternative plans in case your first choice beneficiary does not survive you. Your “executor” is your personal representative, who will be responsible for distributing your estate (property and assets) according to the wishes outlined in your Will. By describing your marital status, the MyExpatWill™ wizard is able to personalize the structure of your Will and give you appropriate advice regarding the distribution of your estate.
The executor is responsible for gathering the estate’s assets, paying off any debts, and distributing the remainder of the estate to any listed beneficiaries. Yes, although there is a specific time limit to do so in each State or Territory.
Your estate will generally face steep legal fees down the line when it comes to administering your estate. In most cases (unless your estate is particularly complex) it’s best to opt for a friend or family member, as solicitors can charge hundreds or thousands of pounds.
I’m really our average customer – I’m 37, married, I own a home, and I have a young daughter. But we have a growing audience of people 55-plus who are either updating outdated wills, or are finally getting around to creating one. For the most part, you don’t need any other documents when writing your will. However, you may want to put together a list of key individuals who might be involved in your will and a list of key assets you’d like to leave to specific individuals. They must be written completely in your own handwriting, without the aid of any mechanical devices (ie. typewriters, computers). Holographic wills are the only type of wills that do not require witnesses. However, handwritten and holographic wills are not recognized as legal wills in BC or PEI.
It generally covers situations involving life support and medical intervention to prolong your life. The chosen executor of your estate must then establish all eligible next of kin and provide certificates of evidence.
Using a bank’s will-writing service
Some DIY will kits and templates may also be free and available online for no-cost download. If you opt for a solicitor, wills storage company or your bank, ask if there are any fees to access the will to make changes, or for the executor after you pass away. You’ll get more help than if you do it yourself, and it may be cheaper than instructing a lawyer. This option is useful if your circumstances are relatively straightforward – more complex cases may require a solicitor’s expertise. That said, if your situation is complex, seeking professional advice can be a good idea, as it’s very easy to make a mistake that could make your will invalid or ambiguous. You can also opt to write the will yourself and have a professional review it, which will often be for a lesser fee. A POA designates a person to make decisions for you if you’re unable to, whether permanently or temporarily.
Remember, life insurance benefits paid to beneficiaries are dictated by what’s detailed in your policy – not the will. If you don’t have a nominated beneficiary on your life insurance policy, your payout will be included as a part of your estate and divided as per your will or intestacy law. Lastly, a holographic will is in your own handwriting, created entirely by you without any witnesses. In some provinces, like Quebec, you must be at least 18 years old to write a holographic will.
Is it complicated to write a Will?
If you fail to follow this, the changes you intend to make may not be effective, and you increase the likelihood of your Will being contested or declared invalid. Yes, you can change it anytime and as often as you wish after signing it. The best and “cleanest” way to make any changes is to start again with a new document. However, if the changes are minor, for example, adding a gift or changing Executors, instead of writing a new one, you can use what is called a Codicil to amend it. No, Wills and Codicils do not need to be lodged or registered with any authority – just kept in a safe place. After you have written your Will, it’s a good idea to tell your Executor(s) and family members where you have stored it (and any Codicils) for safekeeping.
You need to clearly identify all beneficiaries in your will to prevent confusion, which can prolong the probate process. In fact, knowing how to write a Will without a lawyer is as easy as simply following the above steps – you can make your Will without ever having to consult a lawyer, saving you a lot of time and money. Making a Will has traditionally been time-consuming, expensive and somewhat difficult for a lot of people. While it’s probably the most important document you’ll ever make, only half of Australia’s adult population (48%) has made a Will, according to comparison site finder.com.au. But making a Will isn’t as complicated as some people may think. Holograph wills are often used as a temporary solution before travel, in a sudden emergency or if you’re unable to update your official document in a timely way. You do not need a witness, but holograph wills can create legal issues if no one can confirm that you were of ‘sound mind’ when you created the document.
Read more about will kits Australia here.