Wills
A Will is a document that sets out how your assets can be distributed in the event of your death. It also names the beneficiaries and can cover other matters such as appointing guardians for your children and stating your wishes regarding funeral arrangements.
What is the purpose of a Will?
A will has a number of functions which can include:
- Appoints the executor and trustee who will administer your estate
- Sets out instructions regarding how your assets are to be distributed
- Can include instructions regarding funeral arrangements
- Can include appointing guardians for children
- Can include special instructions regarding the age of inheritances
Who can make a Will?
Anyone can create a Will if they are of sound mind, at least 18 years old or married if under the age of 18.
Important considerations when writing a Will:
- Use experienced professionals such as a trustee company or a solicitor to write the Will in order to make sure it will be legally binding
- You will need two independent witnesses to the signing of the Will, in order for it to be valid. Witnesses cannot benefit under the Will.
Once you have signed your Will, you will need to remember to have it reviewed regularly. Your Will should be reviewed every time your family circumstances change, for example: marriage/divorce, birth of children or grandchildren, or where there has been a death in the family.
Most importantly, if you do not already have a Will, or if it is out-of-date, then it is possible your assets will not be distributed the way you would like. In circumstances such as this, disputes amongst family members could arise, creating expensive and lengthy legal proceedings.
To avoid problems with the distribution of your assets it is essential to have a current Will and to ensure it meets your current needs.
