What should I do once I have executed my will?
Once you have executed your will, there are several important steps you should consider taking to ensure that your wishes are carried out effectively and to make the process easier for your loved ones:
Inform Key People: Let your executor, beneficiaries, and any relevant family members or close friends know that you have executed your will and where it is located. This will help prevent confusion and ensure that everyone is aware of your plans.
Safe Storage: Keep your will in a safe and easily accessible place. Inform your executor or a trusted individual about its location. You might consider keeping it in a fireproof safe, a safety deposit box or your solicitor.
Review and Update: Regularly review and update your will to reflect any changes in your circumstances, such as births, deaths, marriages, divorces, or changes in your financial situation. This helps ensure that your will remains current and accurate.
Organize Documents: Gather and organize important documents, such as property deeds, financial statements, life insurance policies, and any other relevant paperwork. This will make it easier for your executor to carry out your wishes.
Create a List of Assets and Debts: Make a comprehensive list of your assets (bank accounts, investments, real estate, personal belongings, etc.) and debts (mortgages, loans, credit card balances, etc.). This list will assist your executor in valuing your estate and distributing your assets.
Enduring Guardianship: If you have not already done so, consider creating an enduring guardianship. This instrument designates someone to make decisions regarding your health and lifestyle once you have lost capacity.
Financial Power of Attorney: Similarly, consider creating a enduring power of attorney for finances, which designates someone to manage your financial affairs if you're unable to do so.
Beneficiary Designations: Review and update your legally binding nominations on your super plans, retirement accounts, life insurance policies, and other accounts as needed to align them with your current wishes as outlined in your will.
Discuss with Professionals: Consult with a solicitor, financial advisor, or estate planning professional to ensure that your will aligns with your overall estate planning goals and that you've covered all necessary legal and financial considerations.
Understand Probate Process: Familiarise yourself and your loved ones with the probate process in your jurisdiction. Understanding the legal procedures can help your executor navigate the process smoothly.
Regular Check-ins: Periodically revisit your will and estate plan to ensure that it remains relevant and up to date.
Remember that the steps you need to take can vary based on your location and individual circumstances. Consulting with legal and financial professionals can provide personalised guidance tailored to your situation. Our office provides tailored advice on wills and estates. Reach out to us at 0493 535 359 or info@easywillmaker.com.au. We're available for Zoom consultations at flexible times, including after business hours and weekends.