Wills

A Will is a written declaration describing how a person's assets are to be distributed after his or her death. It is revocable during the lifetime of the person who made the Will. The Will must be executed properly for it to be accepted as a valid statement of the deceased's intentions.

The Last Will and Testament validly prepared and signed, is the last opportunity for a testator to provide for the distribution of their estate – but must be drafted with appropriate consideration of all who might justly expect to benefit from the estate after the demise of the testator. (This is so as to minimise the risk of any legal challenge to its being administered as written.)

As has been said in many circumstances, the Will is the document that allows the testator to provide funds certain, to nominated beneficiaries, within a reasonable time of their demise.

Wills can be written in a very simple form, or in quite complex detail: each may be as effective as the other – in differing circumstances. Generally speaking, the more complex the family structure, relationship ‘tree’ or financial arrangements – the more complex will the Will need to be.

If you don’t have a Will there is no guarantee that what you intend to happen will happen. This can cause hardship to those closest to you.

Your estate will be distributed under the rules of intestacy. These rules are very general and are unlikely to reflect your specific wishes. For instance:

• your partner may not automatically be entitled to all of your estate;
• your partner may be forced to sell the family home or car so other beneficiaries can claim their share of your assets;
• the safety net you put in place to protect your children’s future and inheritance may be lost;
• someone you may not have chosen could be appointed guardian of your children;
• someone you do not wish to benefit could become a beneficiary;
• your children could take control of their inheritance at 18 rather than a more mature age.

Having a Will makes the winding up of your estate less confusing, quicker and cheaper.

A comprehensive Estate Plan is one that exists well prior to the demise of the person making the plan – and deals with life situations that may occur well prior to their demise. Typically, an estate Plan will incorporate a valid Will, appropriate Powers of Attorney, a comprehensive wealth accumulation financial plan (probably supported by personal risk insurance protection) and a good record-keeping system.

A legal adviser experienced in this area of the law should be engaged to assist in the preparation of the Will.