Preparing Wills on Your Own or with a Lawyer

Having a lawyer prepare your wills on your behalf is always a smart idea. However, there may be some instances when you have to write it on your own. The nice thing about wills is that they don’t have to be peppered with legal jargon. They just have to be simple and clear to all concerned.

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But when writing your wills, there are some formal prerequisites that you need to keep in mind:

• It must be in writing, either typed or hand-written
• Your signature must be affixed at the bottom of the every page
• You must have witnesses sign together. Take note, however, that witnesses cannot be the beneficiaries.

Writing your wills on your own

You can use any of the wills writing kits available on the market, but remember that they may not be specific to your requirements.

If you do decide to write your own will, it may be a good idea to have a lawyer check it for you to ensure that whatever you intended in writing will be carried out. Remember that the will is one of the most important documents you will ever write in your entire life.

Getting the help of a lawyer

Most family lawyers can write wills on their clients behalf, and also offer estate planning services. It may be a good idea to hire a lawyer who specialises in wills and estate planning for the following reasons:

• There may be a significant number of people concerned in your will
• Children and children with disability are included in special considerations
• You have joint assets with other people
• You have a family-run business
• You have assets outside the state or abroad
• You want to have your beneficiary protected against other circumstances such as divorce
• You earn income from a trust or family-owned company
• You want someone to be removed from the will
• You are concerned about the amount of taxes you may have to pay on your assets

Where wills should be kept

Protect your will from the prying eyes of individuals with ill intentions. Keep it somewhere safe. If the lawyer is the one preparing it for you, request to have them keep it at their office. Remember to ask for a copy.

Keeping it in a safety deposit box in a bank is also a good option.

For more information on wills and estate planning in Sydney, visit CM Lawyers at or call 02 9568 6266 today. Look for Christine Manolakos

Wills and Estate Planning Tips

Carefully drafting your wills and estate plan ensures that your assets go to people for whom they are intended. However, creating an estate plan may require that you get expert help to ensure that everything will go as planned when the time comes for your estate to be distributed.

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Here are some tips on successful wills and estate planning from Sydney’s Inner West professionals CM Lawyers.

Take the time to carefully plan

As with anything, time is crucial for estate planning. Many people put off planning until later, when others are already questioning their ability to make proper judgment and decisions. But for some, the real reason for the hold up is their lack of knowledge on how to get things started. The best way to get started is to consult with legal experts right away.

Draw up a solid plan

If you don’t have an estate plan, the government has one by default. However, it will lack all the considerations that you may already have in mind. A lot of your assets won’t go to the people concerned. In fact, a huge part of your asset will be used to pay the government taxes before your loved ones can obtain your properties.

Creating a plan now with the help of a lawyer will help ensure that all your assets will be distributed among the people you truly care.

Protect your assets from unscrupulous individuals

Some people with ill intentions are on the lookout for your every move when it comes to preparing your wills. That’s why, it is crucial to protect your assets with legal documents to ensure that only you and the people for whom your assets are intended will have access to them.

Consider your life insurance options

Getting a life insurance will also help protect your assets. In most states, life insurance benefits are tax-free, which means that the insurance proceeds that your loved ones will get should anything happen to you are paid in full.

If you haven’t drawn any estate plans, the insurance proceeds that your loved ones get after your death can be used to pay the taxes on your estate.

Regularly update your wills and estate plan

This is one of the things you need to do right away when there are changes such as your net worth, address, marital status, number of dependents and other legal obligations. Make a point of going over your estate plan once every year.

For more information on wills and estate planning with Sydney’s Inner West legal professionals, visit CM Lawyers or call 02 9568 6266 and look for Christine Manolakos.