Finalise Your Will
A will is a legal document setting out certain requests a person wants once they have died. These could include: guardianship of children, how they wish their body to be treated (burial or cremation) after death, where they wish to be buried, or have they wish their ashes to be placed, and how they wish their assets and belongings to be distributed.
How to create a will
Many people have a lawyer involved when making a will because they can offer expert guidance and advice around risks relating to property and relationship law, depending on what happens when your loved one dies. Public Trust will prepare a will for you from $85, or you can get will kits from various sites online which are useful. If you and your loved one are unfamiliar with property or relationship law and your loved one has a blended family or previous relationships and multiple assets (e.g. a business, Trust, properties), getting support from a lawyer could ensure things run much more smoothly after they are gone.
It can be a good idea to review will templates available online so that you have had time to think about some of the difficult questions you will get asked when you are creating your will, for example, what do you want to have happen to your children after you die. You can then visit your lawyer feeling prepared and with some decisions already made. This will make the process less stressful and also more cost effective. If your loved one already has a will, it is a good idea to review it with them, to make sure it is current and reflects what they want, for example, the nominated executor, guardianship arrangement for children or financial arrangements. Find a wills and estates lawyer in your area.
Living wills and Do Not Resuscitate (DNR) orders
You may want to help your loved one plan for their medical care in a document called a living will, or advance directive. If these wishes are in writing it means you, family and health professionals will know what your loved one wants even though they might be unable to tell you when the time comes.
They state what healthcare your loved one would like, including whether they want doctors to use all means possible to keep you alive or they would prefer not to be treated – sometimes called a Do Not Resuscitate order or DNR. Living wills might also include decisions about accommodation (where your loved one will live) and other legal matters not including financial information.
Understanding wills
It is advisable that everyone has a will in place before they die as this ensures your wishes are known and can be honoured.
Without a will, your family will be required to work through an often exhausting and expensive legal process applying for Letters of Administration from the Courts, which can sometimes take months and cost your loved ones thousands of dollars. Without a will, there is legislation that determines how your assets are divided, and this may be different to what you wanted.
Having a will ensures your wishes are clearly stated, and you will have an executor whose role it is to ensure that the wishes in the will are carried out. Making a will can be hard, but it will save your family a great deal of emotional and financial stress after you are gone. Find out more about understanding wills after a death.