The top 5 things to consider when drafting your Will

September is Wills Month which provides a reminder that it is important to have a will. Brandon Benetar from Apio Wealth put together the 5 top things to consider when drafting your Will.

1. Assets

It is important to consider all your assets as well as the total value of those assets. This is important for two reasons, firstly to calculate all fees and costs associated with winding up your estate which will be different for different types of assets. Secondly, in instances where there is insufficient liquidity in your estate to cover all costs associated with your passing you can also nominate which assets you would like to have sold to increase the cash value of your estate.

2. Beneficiaries

You must decide who you would like to have inherit your assets after all debts have been paid.  Consider how you would like those assets to be distributed to your beneficiaries, keep in mind you can nominate each asset to a specific beneficiary in the form of a special bequest. All assets not specified in as a special bequest will form part of your general estate where your nominated beneficiary will receive all remaining assets. It is also a good idea to consider alternative beneficiaries should anything happen to your primary beneficiaries you can still decide how you would like your assets to be distributed.

3. Testamentary trusts

Should you have any beneficiary whom are too young and financially immature to immediately inherit your estate, it is important to consider the use of a testament trust where the funds can be looked after in the benefit of said beneficiaries by trustees nominated by you. You can further select the desired age you would like the trust to be dissolved. There are many benefits 

4. Executors, trustees and guardians

Determining who should serve in the roles of executors, trustees and guardians is an important decision as each role has tremendous responsibility on the nominated person(s). 

5. Last Wishes

Although last wishes are not legally binding, it is however a statement of your wishes in the hopes that your executor, family and relevant parties will follow in the event of your death. There are many final wishes that people like to include such as types of funeral, place to scatter ashes and other wishes.