Avoid These Common Estate Planning and Will Writing Mistakes

Estate and will planning are not among the common things Australians indulge in. In fact, a very recent survey proved more than 10 million citizens do not have a will. Moreover, the reports revealed that more than 50% of them have never even considered estate planning.

Both of them are imperative to avoid future disputes and discrepancies. However, they require proper planning and understanding. Read this article to avoid common mistakes while making a new will Perth.

What Are 8 Common Estate Planning and Will Writing Mistakes To Avoid?

You must consider certain factors while drafting your will and planning your estate distribution. Neglecting them can cause much inconvenience in the near future. Here, we have listed down eight common mistakes you should avoid.

1. Lack Of Planning –

Planning is the factor that facilitates every procedure and estate and wills planning is no exception. However, many Australians believe that these are activities to indulge in the later years of their lives. However, wills are not only applicable after the deceased. It is also relevant when you are injured or unwell. It certifies another individual of your choice to care for your medical, financial, and personal aspects.

2. Not seeking Professional Aid –

Another important mistake here is drafting your asset without taking experts into confidence, like wills and estates lawyers in Perth. Various legal matters are included in these processes; hence, opting for experienced assistance is paramount. Hence, always choose a proper lawyer to receive effective financial advice while planning your estate.

3. Including Non-Estate Assets –

Non-estate assets are those which have more than one owner. For instance, you and your friend have invested in a certain construction. You cannot include that in your will without providing proper instructions. You might need a binding death benefit nomination to ensure the intended beneficiaries receive the asset. Some examples of non-estate assets are dual home ownership, superannuation funds, life insurance policies, etc.

4. Failure Of Gifts –

There are various vulnerabilities associated with gifts included. The recipient could be deceased before you; there might be clarity about the recipient, etc. For instance, you might have more than two sons and have given an asset to a younger son. There might be a dispute as to who the younger son is. Hence, make sure you are taking specialist Wills Lawyers Perth into confidence for improved decisions.

5. Lack Of Clarity –

Clarity is the basic rule you must follow while planning your estate and drafting your will. For instance, you want to divide your assets between your child from a previous marriage and those from your present marriage. Make sure you mention their identities and then render the property. This will help avoid any legal disputes to take place in your absence.

6. Neglecting Associated Liabilities –

Sometimes, you may have allotted a certain asset to an individual, but you are still paying off the debts in monthly instalments. However, you can no longer pay the loan back due to some uncertainty. The recipient will be ordered to pay off the liabilities if no proper instructions are provided. Hence, you must be very careful while including assets with liabilities in your will.

7. Appointing Undependable Executor –

Executors ensure that the asset is distributed per the will clause. They are also responsible for collecting assets and paying debts. Hence, you must make sure you appoint an executor who is willing to act loyally in your absence. Otherwise, your beneficiaries will not be able to receive your allocations. Moreover, only choose lawyers residing within Western Australia. If done otherwise, the Supreme Court will not allow them to apply for the grant of probate.

8. Not Reviewing The Will –

There are five assets for which reviewing your will is a must. These are marriage, new offspring or grandchildren, divorce, untimely death of executor or beneficiary and change in your assets. Consider the “contemplation of marriage/divorce” as you review your will. The best option is to opt for professional lawyers who can help you with the review to ensure smooth and convenient will-making.

Conclusion

Indeed, this can be considered the first step in the guide of making a will in Perth for all Australians. However, you are always welcome to appoint an efficient Wills Dispute lawyer Perth to improve your comprehension and receive better advice on will and estate planning.