A Will is a vital legal document prepared by a person that specifies the manner in which they would like their estate (money, property and possessions) to be distributed in the event of their death.
The two main things you need to consider with a Will are:
- Nominating an executor who will take control of your assets after you die
- Choosing your beneficiaries – those who will benefit from your estate
A Will can also specify conditions around the guardianship of your children, your funeral and burial wishes, and trusts for the management of your estate.
It is important to know that your Will only relates to the allocation of assets you personally own. The distribution of joint assets such as real estate, superannuation, insurance pay outs, or any assets in a family trust are not covered by your Will. But, through careful estate planning, you can ensure these assets are accounted for.