What are the consequences if you were to die without having made a will?
The cost to your family when administering your estate could be quite significant. This would certainly be the case if you have a substantial amount of property, which could include:
• Real estate;
• Motor vehicles;
• Bank accounts;
• Personal property of value.
The purpose of a will is to appoint one or more people as your executor.
An executor is your legal representative and has the job of administering your estate on your death.
If you do not have a will and no executor is appointed, then one or more of your family may need to apply to be appointed as the administrator of your estate. They may also be required to obtain the consent of other beneficiaries.
This process will increase the cost of administering your estate, as well as causing significant delays in distributing your assets to your next of kin.
Making a will ensures that:
• The right person is appointed as executor to administer your estate;
• Your assets are distributed exactly as you want;
• Your family and loved ones will not endure extra stress or financial hardship.
If you’d like to discuss making a will or updating your will, contact us