Tips & suggestions
These are our thoughts, tips and suggestions. They are not legal advice but common sense things that you may find helpful.
Making your Will simple and easy to understand makes it easy for your executor to administer your wishes.
When you make a new Will or update your existing Will it then becomes your Last Will and Testament. All previous Wills become invalid as your last will is understood to be the valid one.
Print your new Will or email it to your executor, trusted friend, or family member. That way someone has a copy for safekeeping.
Funeral insurance, life insurance and other policies assign beneficiaries separate to a Will so make sure that your beneficiaries in these policies are updated.
Commonly referred to in the USA as 401k and Indivdual Retirement Accounts (IRA's), Australia 'superannuation' or your retirement savings plans also assigns beneficiaries. Often there is substantial money in these accounts and some also attract a death benefit above the savings already accumulated. A Will won't override these beneficiaries for these accounts this also applies to life and funeral insurance so remember you will need to update the beneficiaries to these policies and accounts.
Updating your Will is important and doesn't need to be a huge ordeal. We have made it simple to do with VideoWill. Below are some examples of needing to change your Will
Divorce: Relationship breakups are unfortunate but unfortunately common. It's important to remember that if you don't change or update your Will your estate could go to someone that is no longer a priority in your life.
When going through a separation in a relationship where minors are involved. Some people don't want their ex-spouse or partner getting their hands on their children's estate, however, setting up a trust to protect the children can be expensive and inconvenient. One way around it could be to advise in your Will that you want your executor to create a family trust so that your children receive your estate when they get to a defined age. You could also ask that every year an amount go to your ex-partner to help pay for their financial support. Your executor can, with the assistance of an accountant, make this happen. For many, leaving the job to be done in the Will is a cost-effective solution.
When making a video with our App you can add more than one name/beneficiary per video. A great example of this can be viewed in the video user guide on our App.
