“I want everything to go to my family.”
That is a useful starting point. The next question is how you would like that to work.
Would your spouse receive everything first? Would your children receive their shares immediately, or would someone manage those assets while they are young? What would you want to happen if an intended beneficiary passed away before you?
A will consultation gives you time to work through these questions.
Start with the people who matter to you
Think about whom you wish to provide for and whether anyone depends on you financially.
Your concerns may include your spouse’s living expenses, your children’s education or support for an elderly parent. Explaining these priorities helps your lawyer understand what you want your will to achieve.
You can also discuss whom you would like to appoint as executor and any questions about that person’s responsibilities.
Consider the arrangements behind each gift
Naming a beneficiary is only part of the planning.
You may want to discuss alternative beneficiaries, arrangements for younger children and how the rest of your estate should be dealt with after any specific gifts.
If you have overseas assets, jointly owned property or assets with existing nominations, raise these during the consultation so that their treatment can be considered.
Avoid treating another person’s will as your template
A document prepared for someone else may reflect a different family structure, different assets and different intentions. Changing the names may leave important questions unanswered.
Your instructions should reflect your own circumstances.
What should you prepare?
A preliminary list of your assets, intended beneficiaries and preferred executor is a helpful starting point. You can also write down any concerns or arrangements you are unsure how to express.
Discuss your wishes with TEH & YU
Whether you are preparing your first will or reviewing an existing one, contact TEH & YU to arrange a consultation. We can help you consider the relevant questions and translate your wishes into drafting instructions.
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