Firstly you need to think about what you have - what items of monetary value do you have? List them down. Make sure you include superannuation policies (remember also that it is important to nominate beneficiaries with your superannuation funds) and insurance.
Then think about what other things of value you have - this could be items of sentimental value - like photo albums, jewellery you have inherited, artwork.
Finally you need to think about all the people who are important to you - and then you can work out who you would like to inherit what. This can include whomever you wish - close and distant family members as well as friends and colleagues. You can even include your family pets. - click here to find out more about providing for pets in your Will.
Most importantly - if you have children under the age of 18 - you should consider their guardianship. Who would you wish to take care of your children in the event something happens to you and your partner? How would you like them to be educated? Where would you like them to live?
When you make your Will you will also need to nominate an executor. An executor is the person responsible for the administration of the Will and their role is to manage the estate within the terms of the Will. It is important to choose someone who has the legal and financial skills to administer your estate as this may include selling property, taking care of children’s wishes, making sure your assets are looked after and so on. It is not a compliment to appoint your best friend or a family member as your executor; it can be a very difficult job.
Once you have an idea of what and who, you should make an appointment to talk to a professional like NSW Trustee & Guardian, who have been writing Wills for the people of New South Wales for almost 100 years. They are professionals in estate planning and have written and administered over 900,000 estates.
There is no charge to make your Will with NSW Trustee & Guardian as your executor, fees are charged upon estate administration only.
Click here to watch short video on The Importance of Having a Will. (Imelda Dodds)