Why do I need a will?
If you were to pass away tomorrow, who would your assets go to? Your house, your car, your savings? Who would step in and ensure your wishes were respected?
A will is a legal document that clearly sets out your wishes on who gets what after your death.
In a will, you will appoint one (or more) executors. The executor is your legal representative who deals with your estate to ensure your assets go to your nominated beneficiaries (the recipients of your gifts). This is the person you trust most, a family member or trusted friend, perhaps.
It’s your choice who gets your assets, and how much they get. Your executor’s job is to carry out your wishes.
Your executor may need to apply for probate of your estate. Once the probate has been granted, your executor can then deal with all of your assets. This could include transferring real estate to nominated beneficiaries, closing bank accounts and paying any owing debts before payment of inheritance to nominated beneficiaries.
If you don’t have a will, who will know your wishes?
If you don’t have a will, a family member may need to apply to the court to be appointed as administrator of your estate. Only certain classes of people can apply and it may exclude the person you trust most to fulfil your wishes.
It’s not only monetary possessions you’ll need to consider…
If you were to pass away tomorrow, who would look after your young children?
A will is the document used to appoint a guardian if you have young children. Appoint someone who you know will put their best interests first. They will be given the responsibility of making healthcare & educational decisions for your children and will be responsible for their day to day care.
Often times, the guardian will be a family member or close friend. It’s an important decision and an important role. It’s certainly a decision YOU will want to make rather than someone without your children’s best interests in mind.
By preparing a valid will with a Solicitor we will ensure all questions are asked and answered.
Call us to prepare a will today!