SETTING UP A WILL

SETTING UP A WILL

When is it best to set up a will?

I recommend you set up your will while still young, energetic and healthy to avoid any conflicts or disputes that might arise due to late will writing. 

There are various types of wills

Here are the most common types of will;

Simple will

Simple wills are the easiest and most popular as they involve writing down the beneficiary of your wealth or assets after following the legal formalities and can be written formally or online.

Joint will

A common type of will in lovers or spouses where they sign a conjoined agreement on the beneficiaries, testator, and executor. The terms of the will are not changeable upon death or divorce of the couple.

 Other types of will are living will, testamentary trust will, holograph, formal, military, mirror, trust, statutory wills.

How can an individual choose the right type of will for them?

I suggest you choose a will that allows you to decide on the people or type of beneficiaries, how the will is written whether oral or written, consider if you can make amendments, type or number of executors, responsibility and other major consideration that you would like to be addressed.

Can you share financial tips that could help with end-of-life planning?

I recommend you seek financial advice from experts, have people that can make reasonable financial decisions on behalf of you, insure your assets, opt for medicare and superannuation accounts.

Crystal Kadir
Latest posts by Crystal Kadir (see all)

Tags:

MS, Durham University
GP

The work of a family doctor includes a wide range of clinical diversity, which requires extensive knowledge and erudition from a specialist. However, I believe that the most important thing for a family doctor is to be human because the cooperation and understanding between the doctor and the patient are crucial in ensuring successful health care. On my days off, I love being in nature. Since childhood, I have been passionate about playing chess and tennis. Whenever I have time off, I enjoy traveling around the world.

View all

Latest from Ask the Expert