The type of Will you need will depend on your assets, your circumstances and who your beneficiaries will be.
You need to make a Will that makes your wishes clear and that is legally valid and binding. Doing this will protect your family and friends from costly and stressful legal disputes.
Things you need to consider
Who will be your Executors?
Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld. It is an important and sometimes complex and time consuming task. You should consult with your proposed executor before appointing them in your Will.
Who will be your beneficiaries and what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like, however if you don’t provide for your family and dependents, your Will may be contested.
You also should consider the effects that an inheritance may have on your beneficiaries. In some cases a testamentary trust can be useful. A testamentary trust is a trust created by the terms of a Will, that comes into effect upon the death of the Will maker. It is important that you get specific advice about your (and your beneficiaries) individual situation. It may also be helpful to include a protective trust in your Will for a disabled or vulnerable child, for example.
How do you know a Will is valid?
To be valid, the person making the Will must be mentally competent, the Will must be correctly signed and witnessed, and show no evidence of tampering.
If there is any doubt, or potential for dispute as to your mental competence, you should discuss this issue with Emily or Marcia who can advise you how best to deal with this situation.
How often should I review my Will?
You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale, death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your Will every couple of years just to make sure that it is still relevant and valid.
We can help
We know the potential pitfalls, and will ask you all the right questions to make sure that you have considered every possibility. We can draft for you a simple Will or a more complex Will containing, for example, a multi generational Testamentary Trust with protection mechanisms, a Right to Reside or a Life Interest.
In many circumstances we can offer a fixed price for your Will.
We can also discuss with you possible ways to help protect your family from expensive estate litigation after your death.
Contact us to discuss your particular situation and your family’s needs.