Writing a Will is one of the most meaningful ways to secure the future of your loved ones and the causes closest to your heart. Yet, in Australia, up to 40 per cent of adults don’t have a legally valid Will.
This important document helps your loved ones know what you want to happen to your most treasured possessions.
When creating your Will, consider the following questions:
- Why are you writing your Will and what is it designed to achieve?
- Do you have children or dependents who need to cared for and should be considered in your Will?
- Do you have other people or charitable causes that you would like to leave a gift in your Will?
- What assets do you own?
- Are these assets owned solely by you or jointly with others?
- Who will you appoint as an Executor to execute the wishes you have outlined in your Will?
- Are there any potential challenges that may be made to your Will?
Remember that you can always change your Will if your circumstances change. You can either update your Will or add a codicil.
Your Will must be a true reflection of your wishes and may not be valid if it is made while you are under emotional, physical, or financial stress (known as duress). You must have the mental capacity to make a Will, which is known as testamentary capacity.
Writing a Will can ensure that your possessions go to the people and causes that you love the most. However, if you die without a valid Will then the laws of intestacy in your state may be used to determine how your assets will be distributed.
Leaving a gift to a charity ensures your values live on, advancing medical research long after you're gone. Your generosity will fuel discoveries that save lives and improve health for future generations.
If you have any questions about leaving a gift in your Will or the Hearts for Eternity Club, please contact Andrea Natoli, Head of Gifts in Wills and Planned Giving on 02 8208 8909 or email her at giftsinwills@hri.org.au