Tips For Making Your Will
Statistics show that one third of Australians still don’t have a Will.
You work hard all your life to take care of your loved ones, so don’t leave your estate to chance.
It is vital that every person over the age of 18 has a legal, up-to-date Will.
A FEW KEY POINTERS
- Although DIY kits are available, UNICEF Australia advises seeking qualified expert assistance from a solicitor to make or adjust your Will
- It is essential to keep your Will updated. A Will that does not reflect current family status such as a divorce, a marriage or the birth of a child, may be invalid
- If you want debts to be settled before your assets are distributed, you must specify this
- Remember that tax may be payable on some assets, like an investment property. Your solicitor or accountant can advise you
- Nominate a guardian for any young children
- Don’t use someone who will be a beneficiary as your witness. Choose someone who has no vested interest in the result, should the Will be contested
- It’s a good idea to ask your proposed executors if they will accept the responsibility
- Be sure that your executors and at least one other person know where your Will is.
Making a minor change to your existing Will.
A Codicil form is a very straightforward way of making a minor change to your Will, like adding your gift to UNICEF. A Codicil form then becomes part of your Will and can easily be drawn up by your solicitor.
BEQUEST OPTIONS
If you are generous enough to leave a bequest to UNICEF, the simplest option may be to leave the ‘residue’ of your estate (called a residuary legacy). This simply means what is left over once you have provided for family and friends. Most people prefer this option, as there is no need to keep the Will updated, and the value of the gift will not be affected by inflation.
Of course, there are other options you might also want to consider. You can specify a percentage of your estate to be left to UNICEF, which will also be unaffected by inflation, or you can choose to leave a set amount or even an item of value.
Please consider leaving a bequest to UNICEF Australia. Please call our Bequests Officer on (02) 9261 2811 or e-mail BEQUESTS@unicef.org.au for a copy of our brochure.