LAST WILL AND TESTAMENT
No-one likes to confront the inevitability of a finite existence, but the reality is we need to prepare for the end. Once we pass away, distribution of our property will be by the State, or by a written conveyance known as a ‘Last Will and Testament’. Creating your own Will does not need much time or effort, but making sure it is done correctly is important. Handling of a person’s property after their death is subject to laws and you must be sure you meet these laws.
- WHAT IS A LAST WILL AND TESTAMENT? A Will is a written statement of your wishes on how your property (called your estate) is taken care of after you pass away. Wills typically name a person (called your executor) who you want to be responsible for handling of your estate. Dealing with your will in the proper way is your executors’ responsibility ensuring your wishes will be carried out.
- WHO NEEDS A LAST WILL AND TESTAMENT? Almost everyone. If you are an adult who owns assets or has debts, it is in your best interests—and the interests of your family and loved ones—to make sure you address these. A Last Will and Testament is just a way you can be sure of this. The State has already determined rules if you pass away without a Last Will and Testament. (Known as ‘dying intestate’.) So even if you don’t leave a legacy behind, the law will decide what happens to your estate for you. Drafting a Last Will and Testament ensures that your wishes are met, not the wishes of the lawmakers.
- DON’T WILLS NEED TO BE DRAFTED BY AN ATTORNEY? No. You are the head of your own domain, and you can decide the best way to dispose of your estate. Even a simple Last Will and Testament is better than nothing, and drafting a suitable document is simple. You do, however, need to ensure that all of your wishes are clear, and the Will complies with the relevant laws.
- WHAT DO I NEED TO INCLUDE IN MY WILL? Depending on the complexities of your estate and your wishes of how it will be handled, your will may be short and sweet, or lengthy and complex. The most basic will names the executor, states who receives what property, and is signed by witnesses. More complex Wills need more details, especially when there are children or dependants involved, or when you wish to leave a trust fund or other managed property.
Ensuring that your wishes are met is the main purpose of a Last Will and Testament. No matter if you have simple needs or intricate plans, having a Will allows you to be safe in the knowledge that your property is distributed according to your wishes. By drafting a proper Last Will and Testament, you can rest easy in the knowledge that you have prepared for the worst, and you family and loved ones will not be left with confusion.
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