DIY Wills – should I do it or not?

by bhaskar janagani You Learn More From Failure Than From Success

 

There are many reasons why we avoid getting a will done. We are all busy balancing the bills, work and the kids, it is easy to bypass preparing a will, notably because it can cost hundreds of dollars. The subject of dying is also not something that many of us like to think about. These are just some of the reasons why some opt to use a will kit, or an online will. But are they really worthy?

Failing to properly plan your estate could leave your assets in jeopardy and your children’s fate uncertain. Fortunately, preparing your will is something you can start today.

Keep reading for 4 tips on wills and estate planning to help ensure your family’s future is secure.

 

1. Keep It Updated

Simply writing your will is not enough. It’s important to regularly review it to make any necessary changes and ensure it’s up to date.

An out of date will could have worse consequences than not having one at all.

It’s recommended to review your will every 5 years, but anytime you experience a change in your life you should take a look at it. Changes that may occur and impact your will include heirs having died or remarried, your estate administrator dying or no longer being capable of performing their duties, and your own marriage or divorce.

 

2. Storing Your Will

The second most important thing after creating your will is properly storing the document. If your family or heirs can’t find your documents, things won’t go as you had planned.

It’s recommended to keep copies in a safe at your home and in your lawyer’s vault.

Don’t keep your will in your safety-deposit box. When you die, access to your safety-deposit box may be put on hold and your heirs might not be able to access it right away.

 

3. Hire a Professional

When it comes to planning your estate, there is no shame in hiring a professional with expertise in the area.

No two estates are alike and what you need to include in your plan depends on a lot of individual factors. For example, if you own a business you will need a succession plan.

If your children have special needs, they may need to have a special needs trust established. Professionals like Family Wills and Trusts can explain options to people of every income level.

 

4. Living Wills

Living wills are just as important as traditional wills thanks to the capabilities of modern medicine.

 

Living wills also called advanced directives, help your family make medical decisions if you become incapacitated. With a living will, you will choose a person who is authorized to make medical decisions on your behalf if you cannot make them yourself. For example, if you are on a ventilator or a feeding tube, this person will help doctors determine whether you want to be kept alive.

 

Conclusion

It is important to get your wills professionally prepared, regularly updated, and securely stored. An online will or will kit is often not sufficient to meet our the requirements above. If you are in Perth Western Australia, and after a wills lawyer in Perth to help, check out Foyle Legal, because they offer fixed fee service for wills.

 

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Created on Dec 5th 2019 11:17. Viewed 332 times.

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