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When making a will, it's crucial to avoid mistakes that could make it invalid.
A big mistake is not including all your assets, which can cause arguments or lead to the wrong people getting things. Make sure to include everything you own and say exactly who should get what to prevent any problems.
The Family Protection Act requires you to take care of your immediate family in your will. If you don't leave enough for your spouse, children, or other dependents, they could take the matter to court. This happens often and can lead to expensive, long legal fights that might change what you wanted to happen. So, it's important to consider both what you want and your legal duties to prevent any issues.
When your family situation is complicated, it's important to think about the law. For example, if you have a family trust, you should know how it works with your will. If you're remarried and have children from before, you need to make sure your will shares your property the way you want between your new partner and all your children. Getting advice from a lawyer is very helpful for these tricky issues.
When someone with special needs is set to receive an inheritance, it's important to make plans that look after them. This can mean creating a trust just for them or organising their care for the future. It's a good idea to talk to a lawyer who knows about estate planning for people with special needs to make sure nothing is missed that could harm their well-being later on.
If you have property with outstanding loans, it's important to think about how to pay off these debts. Make sure your estate has enough to cover what you owe. If not, your heirs might have to sell things to pay the debts. Having a plan for paying off debts is key to making sure your property goes to those you choose.
In today’s world, it's important to remember your digital assets and social media when making a will. This includes things like online bank accounts, cryptocurrency, digital pictures, and valuable online accounts. Don't forget about your Facebook, Twitter, and Instagram accounts either. Decide if you want these profiles to be saved as a memory, removed, or given to someone you trust. Clear directions and login details for these accounts will help avoid mix-ups and make sure your online presence is taken care of as you intend.
Leaving money to charity in your will is a good thing to think about. It lets you help your favourite causes even after you're gone and might lower the taxes that need to be paid on what you leave behind. If you have a lot of property, giving to charity can really cut down on taxes, which helps your family too. It's a smart move to make a difference and take care of your loved ones at the same time.
It's a good idea to get help from an estate planning lawyer when making your will. They can make sure it does what you want and follows the law. They will also help ensure you set it up to prevent any arguments, make sure all your property is included, and deal with any tricky personal or money issues.
If you would like to find out more or want to start the process of creating a will, our team is here to help. With our advice, you can be confident that your will takes care of your family just as you intended, and you avoid all the common pitfalls.
