Things to consider
Making a Will is an important activity and we encourage everyone to have a Will so that in the event of your passing, your loved ones know and can carry out your wishes.
The following are some of the things you will want to consider when drawing up your Will.
Looking after your loved ones
Looking after your loved ones will no doubt be your highest priority. Think about who you want to include as beneficiaries of your Estate – it could be siblings, children, nieces and nephews, grandchildren and close friends.
Looking after your children
If you have children and they’re under the age of 18, you will need to decide who you would like to take care of them if you pass away before they reach the age of consent.
Who will handle your affairs?
The people that you nominate in your Will to handle your affairs after you’re gone are called Executors. It is common and advisable for two people to share the task of executing your Will. They can be friends, family members, professionals or a combination of these.
When choosing an Executor, think about who would be capable of dealing with your affairs. It needs to be someone you trust, who is business-minded and perhaps is not a beneficiary in your Will.
Alternatively, your Executor/s could be professional advisors, but bear in mind that there will be a charge for their services.
In addition to detailing the distribution of your Estate, your Will is also an opportunity for you to detail what you would like to happen at your funeral. Including funeral arrangements can greatly reduce the burden on your loved ones while they are grieving, as well as ensure that your wishes are carried out.
Distributing your assets
You will need to think about what assets make up your Estate, who you want to have them and how they should be distributed (for example, a percentage of your Estate given after a specific beneficiary reaches a certain age).
You might also want to think about passing on your digital assets when making a Will, such as music and photo collections.
Some useful information on the different ways in which Estates can be distributed is given in more detail on the How to Leave a Gift to Charity page.
If you have a very complex Estate and wish to distribute in an intricate manner, we recommend that you seek professional legal advice.
Including a charity
If you have decided to leave a gift to charity in your Will, you will need to decide which one. You might have a favourite charity that you have supported in the past, or there may be a cause that is close to your heart. Or you might like to include several charities and cover a number of causes that are important to you. You can search for a specific charity or cause and find out what difference a gift in your Will could make.
Gifts in Wills are an important source of income for many charities and enable them to carry out much of their vital work. You can decide how small or large your gift is.
If you are still thinking about including a charity but aren’t sure, read up about how easy it is to leave a gift to charity.
When considering giving a gift to charity, reflect on what is most important to you, the legacy you would like to leave for future and the charities you care about. This should help you make a decision you feel comfortable with.
Hear from people who have left a gift in their Will.
All FIA members are encouraged to become supporters of Include a Charity.
Contact us to find out how: