 The Importance of a Will
A will is the cornerstone of an estate plan and is a vital part of a sound financial plan for you and your family.
Why Make A Will?
- Coping with death is difficult. But it is even more difficult for loved ones after a death if there is no will. Creation of a will protects a family from financial and legal difficulties following the death of a family member.
- Families can be complex with second marriages, domestic partners, step-children - a will can consider all aspects of your life when it comes to distributing your assets.
Image 1: What happens if you die without a will?
Section 51 of the Administration and Probate Act
Tips
- Update your will regularly. Assets and family situations can change significantly even in one year, so it is necessary to review your will regularly to make sure it reflects your circumstances and life position.
- when choosing an executor for your estate, name a close friend or family member who you trust. This person needs to be able to 'stand in your shoes' when you die.
- Make sure a qualified lawyer assists you in the creation of your will. Knowledge of the law and experience will mean you will have access to all the options available, and any difficulties can be easily ironed out.
Create a will or update your will today. Contact us
Have you been asked to act as an Executor under a will?
Carrying out the responsibilities of an Executor of a Will are important and sometimes complex. There are various strategies and actions which can be taken to manage this role which range from dealing with the debts of an estate to making appropriate disbursements to the beneficiaries. There are also duties under the law which much be complied with and observed.
Should your will contain a testamentary trust?
If you wish to know more about trusts, click here.
If you would like to know more about this please Contact us.
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Wills
