WILLS
A will is a fundamental part of any estate plan. It outlines how your assets should be distributed and can designate guardians for your children. Our expert team will help you create a will that reflects your wishes and ensures that your estate is managed according to your preferences.
A will is a legal document that outlines how you want your assets, property, and personal possessions distributed after your death. It ensures your wishes are followed, from leaving specific items to loved ones, to making charitable donations, to appointing guardians for minor children.
There are several types of wills to consider:
• Simple Will: A basic document outlining general wishes for asset distribution.
• Living Will: A legal document that allows you to specify medical treatments you want (or don’t want) in case you become incapacitated.
• Testamentary Trust Will: Creates a trust for minor beneficiaries.
We were impressed by the level of professionalism and dedication from you. You helped us put a solid estate plan in place and were incredibly patient in answering all our questions. It’s a huge relief to have everything organised.
The benefits of having a will
- Protect Your Family’s Future A properly written will ensures that your loved ones are taken care of according to your wishes. It can minimise conflicts and help reduce stress during a difficult time.
- Avoid Intestacy Laws Without a will, state laws decide how your estate is divided, which may not reflect your desires. Having a will gives you control over your estate.
- Appoint Guardians for Your Children In your will, you can designate who will care for your children if something happens to you, ensuring they are raised by people you trust.
• Inventory Your Assets: Make a list of everything you own, including property, bank accounts, retirement funds, and personal possessions.
• Decide on Beneficiaries: Identify who will receive your assets—whether family members, friends, or charities.
• Choose an Executor: Appoint someone responsible for ensuring your wishes are carried out.
• Draft the Will: Write your will or have a legal professional assist you.
• Sign and Witness the Will: Ensure your will is properly signed and witnessed to make it legally valid.
If you pass away without a will, the law determines how your estate is distributed, which can create several challenges:
- Intestacy Rules Apply: Your assets may be divided among relatives according to state law, regardless of your wishes.
- Family Disputes: Without clear instructions, family members may disagree on how assets should be distributed.
- Delays in Distribution: The process of settling your estate can take longer, causing unnecessary stress for your loved ones.
- Overlooking Important Assets: Make sure all your major assets, like real estate and investments, are included.
- Not Updating Your Will: Life changes—marriage, divorce, or the birth of a child—should prompt updates to your will.
- Improper Execution: A will that’s not signed or witnessed properly may be challenged or considered invalid.
…Richard, at Family Financial, made it sound so easy, and once we thought about what was important to us he handled everything, checked and double checked. We’ve never felt more secure about our families future
Pros:
• Control Over Your Estate: A will gives you the power to decide exactly who receives your assets.
• Protecting Children: You can appoint trusted guardians for your children.
• Avoiding Intestacy: Your assets will be distributed as per your wishes, not the state.
Cons:
• Cost of Legal Services: Hiring a lawyer to draft your will may incur costs, though DIY options can mitigate this.
• Will Contests: Family members can challenge a will, leading to disputes.
• Regular Updates Needed: Life changes will require you to update your will frequently to ensure it reflects your current situation.
You are not legally required to hire a lawyer, but working with one can ensure your will is properly drafted, legally binding, and less likely to face challenges.
Yes, you can modify or update your will at any time to reflect life changes.
It’s recommended to review your will every 3-5 years or after significant life events such as marriage, divorce, or the birth of a child.
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