Making a Will: A Comprehensive Guide from Funera Sydney
MAKING A WILL: A COMPREHENSIVE GUIDE FROM FUNERA SYDNEY
Writing a legally valid Will is one of the most important things you can do to ensure your final wishes are carried out when you pass away. Without a Will, your estate will be divided according to a legal formula, which may not align with how you hoped to take care of your loved ones.
At Funera Sydney, we understand the emotional and financial burden placed on grieving families. That's why we recommend all adults take the time to write a Will – no matter your age or assets. We've put together this complete guide to demystify the process and empower you to write your own basic Will, provided your affairs are relatively straightforward.
CHOOSING EXECUTORS
Your chosen estate executors play a crucial role in enacting your wishes, so choose them carefully. Typically trusted friends or family members, executors must be over 18 and of sound mind. Carefully consider their organisational skills, attention to detail, knowledge of your beneficiaries, and proximity. Your executor cannot be a witness.
DECIDING ON BENEFICIARIES
Your Will should clearly outline recipients of your assets when you die. Remember to update it whenever new dependents enter your life, to ensure no one is accidentally disinherited. You can split your estate between portions gifted to individuals and percentages going to general residual beneficiaries.
MAKING BEQUESTS
Bequests allow you to leave specific possessions or sums of money to named individuals in your Will. Be as unambiguous as possible. For example, if you wished to leave your antique brooch to your niece Jemima, you would identify it exactly along with her full legal name and address.
RESIDUARY ESTATE NOMINATIONS
Your residuary estate covers any assets not already allocated elsewhere in your Will. Nominate primary and secondary beneficiaries for clarity.
STORING YOUR WILL PROPERLY
Keep your Will safe, yet accessible to executors if needed urgently for funeral guidance. A bank deposit box with nominated access is one option. Share its location plus any funeral preferences attached.
SIGNING & WITNESSING
You and your two witnesses must physically sign a Will together on the same day for it to be legally valid. Use the same pen and follow the process fully or risk your Will being void.
ATTACHING FUNERAL WISHES
Include clear instructions regarding your preferred funeral arrangements to relieve pressure on grieving loved ones. At Funera Sydney, we also recommend considering prepaid funeral plans to lock in set costs.
UPDATING YOUR WILL
Reassess your Will whenever major life events occur or assets change substantially. As a rule of thumb, full reviews every 3 to 5 years are wise. In case of divorce, sections relating to your former spouse are revoked.
JOINT PROPERTY OWNERSHIP
If co-owning homes or land, verify you are "tenants in common" not "joint tenants" for your portion to enter probate rather than automatically passing to the other owner.
CONSEQUENCES OF DYING INTESTATE
With no valid Will, State formulas dictate how your estate is divided on your death. This may not match your hopes or dependents' needs, also complicating executor tasks. Avoid this by making a Will.
DIY WILL DON'TS
- Presume you can amend errors later before witnesses see it
- Attempt to overrule legal obligations towards any dependents
- Neglect allocating a residual estate as a backstop
SEEKING SPECIALIST WILL ADVICE
If your situation is complicated by blended families, contested inheritance, or overseas assets, for example, seek legal advice for added peace of mind.
FUNERAL PLANNING WITH FUNERA SYDNEY
Losing someone you love is painful enough without the added stress of funeral planning. At Funera Sydney, we aim to simplify the process with compassion. Our affordable cremation and burial packages provide transparency and flexibility, without forgoing care or personalization. Want to prepay your arrangements for added peace of mind? We can assist there too.
IN CLOSING
Drafting an effective Will that withstands legal scrutiny lies in your hands. Allow plenty of time to make considered choices after seeking guidance as needed. Revisit it periodically as life changes unfold. Most importantly, advise loved ones of its existence plus your appended funeral wishes to ease their burden when grief strikes.