How to Prepare Wills: Tips from Experts from Sydney’s Inner West
Wills are supposed to outline each family member’s fair share of inheritance should anything happen to the head of the family. However, bitter conflicts may arise when the will is contested.
To help prevent will contest, here are some tips from CM Lawyers, one of leading experts in estate planning from Sydney’s Inner West.
Take the time to prepare the will
The will plays a crucial role in shaping your family’s future. That’s why take the time to carefully plan it, and don’t procrastinate. The best time to plan your will or to do estate planning is when you are most able, or immediately, not when people get the chance to question your ability to make informed decisions. Now is also the best time to avoid getting swayed by people who are trying to influence you. By delaying estate planning, you run the risk of leaving out some very important details or considerations that need to be included. Should problems arise in the asset distribution, it’s better to address them right away than later when you’re already unable to.
Include a No Contest Clause
In terrorem, or a no contest clause, is a crucial part of wills. It prevents any entity who challenges your will or files a lawsuit against you from having any part of your estate. Ask your estate lawyer if the no contest clause can be applied in your area.
Observe Discretion When Preparing Your Will
Preparing your will shouldn’t be kept secret, especially to your loved ones. Just observe discretion when preparing it. Disclose important details only to your lawyers or to your most trusted loved ones. Keeping your loved ones in the loop about some of the details of your will and talking to them about the reasons for including some of the details in the will helps to avoid contests. It also prevents them from getting caught in any surprises.
Include a Revocable Living Trust
Including a revocable living trust is one of the best ways to prevent will contests. It keeps the contents and other details of your will safe from individuals who may have ill intentions against you. A revocable living trust is a legal private document that allow access only to its owner.
Review and Update Your Will Regularly
Finally, when everything is set in place, be sure to review your will regularly. There may be some details that need to be removed, changed or updated, according to the changes in your living condition, financial or marital status. Take the time to talk to your lawyer about some changes that may need to be incorporated into your will.
To find out more about will and estate planning, visit CM Lawyers or call 02 9568 6266 today.