(PRLEAP.COM) A Will is a legal document that sets out how your assets are to be divided after you pass away. It can also help your loved ones avoid distressing legal disputes about your estate.
Why should I make a Will?
If you don’t make a legal will, your estate will be distributed according to government rules. These rules apply regardless of your personal situation.
But with a valid Will in place, you can decide how to divide your assets between your family, friends and charities. You can also appoint an executor of your choice.
What does the executor do?
Under the Will, an executor is appointed who will look after your estate. The executor must:
Collect all your assets.
Arrange to pay all your debts.
Distribute your estate according to your will.
What are the requirements for creating a will?
Getting legal advice when preparing your will can help you make sure you meet all the legal requirements. The requirements vary from state to state, but in all Australian states and territories you must:
Be over 18 years old and understand what you are doing.
Put your specific wishes in writing - telling someone what you would like to happen is not enough.
Sign the will in the presence of two witnesses who are not beneficiaries under the will.
Protecting your loved ones
Having a valid will is essential for ensuring your wishes are carried out after you pass away. This can prevent any confusion about your wishes, and protect your loved ones from disputes about your financial assets.
Funeral insurance is another way you can protect your loved ones financially after your die. By taking out a funeral insurance plan, your chosen beneficiary receives a lump sum to cover the costs of your funeral when the time comes. This helps your loved ones avoid added financial stress at any already difficult time.
By choosing funeral insurance with Australian Seniors Insurance Agency, you’ll be guaranteed cover if you’re an Australian resident aged between 50 and 79, regardless of your health or medical history. And flexible options are available to suit your needs and budget.
With any Australian Seniors Funeral policy you will receive a FREE Will kit to help give your family peace of mind that your wishes are being carried out.