Your Will says more than who gets what

There are some things in life we know we should get around to. Updating insurance. Sorting out paperwork. Finally organising that drawer full of documents; and then there is your Will.

It is easy to put off because, understandably, nobody really wants to think about a time when they will no longer be here. But your Will is not really about death, it is about the people you leave behind.

It is about making sure they are not left trying to guess what you wanted, where important documents are, or what should happen next.

A Will gives your family clarity

Think about everything you have built over the years: your home, savings, investments and possessions. Now imagine your family having to work through all of that without clear instructions from you.

Without a properly drafted Will, an already emotional time can become even more complicated through delays, unexpected costs, disagreements and uncertainty.

A Will gives your family something incredibly valuable: clarity.

It allows you to say, in your own words, “This is what I want to happen.”

Make sure your Will still reflects your life

Having a Will is a good start. Having the right Will is what matters. Your life today may look very different from when you first drafted it.

Perhaps you have married, divorced, had children, bought a property, grown your investments or welcomed new people into your family. Your Will needs to move with your life.

Even basic information matters. Your name, identity details, marital status and other important information should be accurate so there is no confusion about who the Will belongs to or what your intentions are.

Not everything works the same way

One of the biggest misunderstandings around Wills is assuming that every asset automatically gets distributed according to the document. That is not always the case.

Your Will generally deals with assets such as property, cash, vehicles and investments that form part of your estate. Retirement funds, certain annuities and life insurance benefits can be treated differently and may be distributed according to separate rules or beneficiary nominations.

This is why a Will should form part of a broader estate plan. The aim is simple: make sure the different pieces of your financial life work together.

If you have children, the conversation matters even more

For parents of young children, a Will can be one of the most important documents you ever sign. You can nominate a guardian and make provision for how your children's inheritance should be managed if they are still minors. These are not easy decisions.

But making them yourself is far better than leaving those decisions unanswered.

It is one more way of continuing to care for your children, even when you cannot be there personally.

Choose the right people

Your executor will be responsible for helping administer your estate, dealing with assets, liabilities, tax requirements and distributions to beneficiaries. That is a significant responsibility.

Choose someone or an institution you trust to deal with your affairs carefully, impartially and professionally.

The same care you used to build your estate should go into deciding who will help administer it.

And then, make sure it is properly signed

A Will can contain all the right intentions and still create problems if it has not been signed correctly. Your Will should be signed in the presence of two competent witnesses, and the original should be stored somewhere secure and accessible.

Most importantly, make sure the right people know where it is.

Do not leave the conversation for another day

Your Will does not need to be complicated. It just needs to be clear, current and properly drafted. National Wills Week is a useful reminder to ask yourself one simple question: If something happened to me tomorrow, would the people I care about know exactly what I wanted?

If the answer is not an immediate yes, it may be time to look at your Will again. Speak to an Otto1890 fiduciary specialist about reviewing your Will and estate planning needs.