Wills, Estates & Planning 2017-09-21T10:12:31+00:00

THE IMPORTANCE OF A WILL

A Will is a legal document that clearly sets out your wishes for the distribution of your assets after your death.

Many people wonder if they really need a Will. They may think that they don’t have enough assets to bother with a Will. Some people erroneously believe that a Will causes your heirs to have to go through probate, leading to unnecessary expenses.

However having a Will is arguably one of the most important things you can do for yourself and your family. Not only can a Will legally protect your spouse, children, and assets, it can also spell out exactly how you would like your estate handled after you have passed on.

While each person’s situation varies, here are the top reasons to have a Will.

  1. You decide how your estate will be distributed. You decide who will take care of your minor children. A Will allows you to make an informed decision about who you want your children raised by, or better, make sure it is not someone you do not want to your children raised by. Absent a Will, the court will take it upon itself to choose among family members or a state-appointed guardian.
  2. To avoid a lengthy probate process.
  3. Minimise taxes.
  4. You decide who will wind up the affairs of your estate. Executors make sure all of your affairs are in order, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments.
  5. You can disinherit individuals who would otherwise stand to inherit.
  1. Make gifts and donations.
  2. Avoid legal challenges. Without a Will, part of all of your estate may pass to someone you did not intend.
  3. You can change your mind if your life circumstances change – a good reason for having a Will is that you can change it at any time while you’re still alive.
  4. Because tomorrow is not promised – sometimes the realisation that Wills are necessary comes too late – such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional time, it may be wise to meet with an estate planning lawyer to help you draw up a basic estate plan at the very minimum, before it’s too late.

EVEN SMALL ESTATES SHOULD HAVE A WILL

Even if your estate is small, there are good reasons to have a Will. It can be done within a short time span and we can guide you in determining if you need more advanced estate planning techniques and help you implement an estate plan that is best suited to your needs.

Please call us to discuss your individual circumstances so we may tailor the most appropriate solution to suit your individual needs.