LEGAL WILLS
HOW TO MAKE A WILL
There is no one answer about how to do your Will. It all depends on your assets, your circumstances and who your beneficiaries will be.
You need to make a will that makes your wishes clear, that avoids confusion and conflict amongst your loved ones, 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.
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 can be contested and your hard won assets used on litigation fees.
You also should consider the effects that an inheritance may have on your beneficiaries. In some cases a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation.
HOW DO YOU KNOW IF THE 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. The witnesses to the Will cannot be beneficiaries, or related to beneficiaries and must be over 18.
If there is any doubt, or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the will and include it with your Will.
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 the best instrument for you and for your family.
WILLS AND ESTATE PLANNING
Planning for your family’s future after you’re gone is a really important legal task.
If you take the time now to make an effective legally binding Will and Testament you can save your family not only stress but money in what will undoubtedly be a difficult time for them.
[firm name]’s will and estate planning lawyers can help:
- Advise you in regard to estate and Probate laws
- Write a will that maximises the inheritance for your family
- Set up family and testamentary trusts
- Advise you in regard to choosing executors and guardians
- Minimise the chance that your will is contested and subject to litigation
- Advise in regard to estate tax (including capital gains) and financial concerns
- Safely store your will and other important legal documents
At the same time as considering your Will we strongly recommend that you also put in place plans for any future incapacity through Power of Attorney and Guardianship documents. This will ensure that if you somehow become unable to make decisions about your finances, your medical treatment or living arrangements then the person or persons who you trust to make these decisions can do so unhindered.
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 advise you as to whether you would be best with a Will or a Testamentary Trust. We can design your Will in such a way to help protect your family from expensive estate litigation after your death and we can safely store your Will in our secure vault.
Contact us to discuss your particular situation and your family’s needs with our experienced will lawyers.
