We all have bucket list items which often include completing miraculous transformations to our living spaces, traveling to an exotic location – and getting our estate planning in order. The latter is usually right at the bottom of the list; we don’t plan on needing a document that looks after our demise anytime soon – and we don’t yet need to appoint someone to look after our finances and/or make medical decisions on our behalf.
COVID-19 has helped many of us complete bucket list items with cottages turning to mansions and DIY getting celebrity status. Unsurprisingly, the pandemic has also increased interest in Wills and given people time to do something about it.
Ever hear the saying “The time to repair the roof is when the sun is shining?” This is particularly relevant as what people don’t often realise is that you need to be mentally capable to approve and sign testamentary documents whether a Will, Power of Attorney or Enduring Guardianship.
You don’t have to have a lot of assets or money to make a Will worthwhile. A Will legally confirms your wishes as to who is going to receive what, if you have any wishes about your funeral, if you’d prefer to be cremated, if you need to make sure a pet is cared for after your passing, or – if you have kids – who you would like to look after assets until they are of age and/or if you’d prefer they only inherit at a certain age.
Preparing a Will spares your family a headache by simplifying the process and providing them with a legal document confirming your wishes so they can be followed. It also allows you to choose that particular person (or persons) who you believe would be best suited to look after your estate i.e. your Executor.
Recent legislative changes in NSW now allow Wills during the COVID-19 pandemic to be legally witnessed remotely via audio visual link – so there’s now no need to leave the comfort and safety of your home to get your affairs in order.
If you need any assistance in getting your Will updated – or just getting your Will in place – contact our office today to discuss with one of our friendly, expert team.