What isn’t covered in a will?

What isn’t covered in a will?

If you are thinking about writing a will, it can be helpful to know what not to include as much as it is to know what you do need to include.

The following are things which you should not include in your will:

  • Wishes: Conveying your wishes is of course important, however, they should not be included in your will. If you have any specific wishes that you would like to be passed to your family members upon your death, you will need to do so outside of your will.
  • Conditions: You should not include conditions in your will. For example, you cannot state that your daughter needs to be married before she receives what you have allocated to her.
  • Gifts for pets: Your pets are surely important to you, but unfortunately, as much as you would like to leave a gift for them, remember that they cannot hold ownership of it. Instead, consider finding someone you trust to leave your pet with and put money aside that could contribute to your pet’s care.
  • Funeral instructions: Placing your funeral instructions in your will might mean that your family does not see them after your funeral has already been completed. This is because funeral arrangements occur before attention is paid to legal matters. Instead, discuss your funeral wishes with your family members.

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

+ There are no comments

Add yours