Making a Will is how you can provide for the people you care about after you pass away. Choosing who to include is a decision you need to make before you can make a Will. Commonly, people include in their Wills those who are closest to them and whom they wish to provide for – spouses, children, parents, grandchildren, relatives, friends. You might also wish to include an organisation that you currently support and wish to continue supporting such as a charity, club or religious organisation.
Once you’ve decided on the beneficiaries in your Will, you need to decide what you will leave them.
There are a number of ways you can give gifts to your beneficiaries:
- Specific gift – giving a specific gift such as jewellery, a lump sum of money or anything you own.
- One thing you need to consider is that the item needs to still be owned by you at the time of your death, otherwise the gift may not be effective.
- Percentage gift – giving a portion or even the whole of your estate.
- Residual – the remaining part of your estate after any other gifts.
Need assistance with drafting your Will? We’re here to help! Give us a call on (02) 9687 8885 to discuss all of your estate planning needs.