Writing a will is an essential legal document that outlines your wishes regarding the distribution of your property and assets upon your death or incapacity. It ensures that your wishes are respected and that your loved ones are taken care of. Here are some tips from our experienced will and estate lawyers in Chatswood, to help when it comes time to write your own will. 

1. Determine Your Assets

Before writing your will, you need to take stock of your assets. This includes your real estate, vehicles, investments, bank accounts, jewellery, and any other valuable possessions. It is also important to consider any debts or liabilities you may have.

2. Choose an Executor

An executor is the person responsible for managing your estate and distributing your assets according to your wishes. It is important to choose someone who is trustworthy and responsible. This person will have to handle various legal and financial matters, so it is important to name someone who understands your wishes and can carry out your wishes faithfully.

3. Specify Guardianship for Minor Children

If you have minor children, it is important to specify who you want to act as their guardian in the event of your death (if not a spouse). This person will be responsible for their well-being and upbringing. Consider factors such as proximity, stability, and their ability to care for and provide for your children.

4. Determine Distribution

Once you have determined your assets and considered guardianship, you need to decide who you want to inherit your property and assets. This includes both tangible and intangible assets. It is important to be specific when writing down your wishes to avoid any confusion or disputes between family members in the future.

5. Include a Testamentary Trust

A testamentary trust is a legal arrangement that allows your assets to be distributed to beneficiaries over time. This can be beneficial for protecting beneficiaries from creditors, providing for specific needs, or maintaining control over the assets for a specified period.

6. Seek Legal Advice

Writing a will can be a complex legal process, and it is advisable to seek legal advice from a qualified lawyer. They can guide you through the process and ensure that your wishes are properly executed.

7. Update Your Will Regularly

It is also important to review and update your will regularly to reflect any changes in your personal circumstances. This includes getting married, having children, acquiring new assets, or experiencing significant changes in your financial circumstances.

By following these tips and advice, you can write a will that accurately reflects your wishes and protects your assets and loved ones. It is important to note that a will is an essential legal document to have prepared at any age.  

If you are looking for a lawyer in Chatswood, please consider TY Lawyers for your will and estate legal requirements. We are skilled with the knowledge to oversee several areas of the legal sector as qualified will and estate, commercial, small business, and property lawyers in your local Chatswood area. To learn more about our Chatswood legal practice, please visit our website here.