It’s something we don’t like to think about, but the truth of the matter is that once we are gone, our loved ones will be left to sift through the items and estates we leave behind. A Will is a legal document that allows you to specify who will benefit from your estate upon your death and how much they will benefit by, eliminating any questions or conflicts that you will not be able to account for. It is your voice of command, providing clarity on your final wishes and intentions.
Who handles the Will after your death?
When drawing up your Will, you can nominate an executor of your choice to carry out your final wishes and ensure that the administration of your estate is in line with those wishes. The administration process is also made more efficient if an experienced and professional executor is appointed as the executor.
What will happen to my children upon my death?
Having a Will is especially important if you have dependents. You can provide instructions in the Will regarding how your beneficiaries should be cared for in the event of your passing, as well as whether an inheritance should be used for housing, education or other needs. We highly recommend you include that a testamentary trust for your minor children will be set up on your passing, and your minor children’s inheritance will be managed by the trustees of that trust until they reach the age of 18. You can name trustees that are people you trust. If you do not set up a testamentary trust, the minor children’s inheritance goes into the government’s Guardian’s Fund until they reach 18.
A Will can also be used to name a legal guardian for your minor children in the event of you and your spouse passing simultaneously.
Is my estate only eligible for inheritance by my family?
You can also allocate a portion of your estate as a charitable donation to an organisation of your choice. This is a way to create a positive, tangible impact in your community after your passing.
What else can I put in my Will?
Any final wishes can be outlined in your Will, such as your preferred funeral arrangements, whether you wish to be cremated or buried, as well as if you wish for your organs to be donated.
Leaving behind a clear and valid Will is kind to your loved ones. When you put a Will in place, you are ensuring that those you love are looked after according to your wishes and that your assets are distributed in an efficient manner. We provide Will drafting services to ensure that your intentions and wishes are properly recorded in a Will to ensure the protection of both your estate and your beneficiaries. We can also be appointed as executors, or be appointed by nominated executors to implement the actions laid out in the Will through a power of attorney. Speak to us about getting your Will and final wishes in order.