Preparing to write your Will

What you need to Prepare before seeing your solicitor or writing your own Will.

a) Your property and Assets-

Real Estate: description(s), address(s) location of funds/debts for each property you own.
Other Large Assets: furniture jewellery, vehicles etc (just the ones that you intend to leave to specific people/ organizations etc.

Investments: good to note them down to help you think about where to allocate them Your Will even if they change over time.

Superannuation/ Insurance Policies:  Note down all your super investments and insurance policies, they have a surrender value or a death benefit payable.

b) Your Liabilities

Mortgages, loans on real estate, bank/ other institutional loans, personal/private, loans, credit card liabilities and money owed on private/ individuals or to ATO.

They don’t have to be listed on your Will, but it is a good idea to write them down. 

c)  Your Personal Details

Date of Birth, Birth place, Religion, Spouse Name, Marriage date, childrens names/ addresses/ Tax File number, Social Security Pension Number, Veterans Affairs Number.

d) Contact Details

Names, address and phone numbers/ email etc of the following people;
Executor of your Will
Next of Kin
People to be notified of your death
Your doctor
Your solicitor
Your accountant
Your financial adviser
Your bank
The person with the Power of Attorney (A Power of Attorney is a document which gives someone authority to act on your behalf on matters that you specify)

e)  Personal Messages

You can leave personal messages for individuals if you wish, they can be sealed and addressed to individuals and marked “Only to open after my death”.

f) Your Personal Requirements:

Funeral directions (optional) – there is provision on the Will document for you to fill out if you desire- save your family making those decisions for you.

Body Organ donations  (strictly optional) – there is provision on the Will form relating to this subject, but it can be ignored or crossed out.  (NB:  it is advisable to let your family and loved ones know if you would like to donate your organs).

g)  Decide on your beneficaries

List organizations, people, causes, that you may want to leave specific sums of money/ assets / property to.  There are a few types of bequests:

• Residual
• Cash bequest
• Percentage
• Contingent
• Superannuation / Life Insurance
• Property Bequests

NB: Keep all these personal papers stored with your Will.  Store your Will in a safe place and let your executor know where it is stored. You can lodge it with a Bank in a “safe custody envelope” or with a solicitor or Trustee Company. You may want to send a few copies to major beneficiaries/ family members/ executor.