Not only distributing your assets in accordance with your wishes, a Will can also encompass a range of customised requests including:
An effective Will should consider your personal and financial circumstances. It should also consider non-estate assets such as superannuation death benefits.
Remember: reviewing and updating your Will is just as important as creating one. The best scenario is to have your Will reviewed every time there is a major event in your life (a birth, death, marriage, acquisition of property, disposal of property) otherwise every three years, though if that is not possible, then at least every five years. A review only means you need to check it’s still current. It’s rare that you need to change your Will but it might turn out to be critical if you don’t meet that need when it arises.
Also, a word of caution: a badly written Will can lead to delays, disputes and costly arguments. It is always better to use a lawyer to draft your Will so that your intentions are clear and expertly drafted. It might be the most important document you ever sign.