WILLS
A will, also known as a last will and testament, is a legal document that outlines a person's wishes for the distribution of their assets and property after they pass away. It is a way for individuals to ensure that their assets are distributed according to their wishes, and can also be used to designate guardians for minor children or to name an executor to manage the distribution of assets.
A will typically includes information such as the person's name, date of birth, and contact information, as well as details about how their assets should be distributed, who should be appointed as the executor of their estate, and any other important instructions or requests. It is important to note that a will only takes effect after the person has passed away, and can be updated or changed at any time while the person is still alive and of sound mind..
WILL Process
Consultation
The first step is to consult with an experienced estate planning attorney. During this consultation, you will discuss your assets, your wishes for their distribution, and any specific concerns you have about how your estate will be managed after your death.
Agree the product
Based on your consultation, the attorney will recommend the best approach for your specific needs. This may include creating a simple will or establishing a more complex trust.
Process the payment
Once you have agreed to work with the attorney, you will need to process the payment for their services. The attorney will typically require a retainer fee upfront to begin work on your behalf.
Fact finding about wishes
The attorney will gather information about your wishes, including who you would like to inherit your assets and how you would like your assets to be distributed. They will also ask about any specific requests you may have, such as the appointment of guardians for your minor children.
Reconfirming the instruction
After the attorney has gathered information about your wishes, they will review this information with you to ensure that they have a clear understanding of your intentions. They will also answer any questions you may have about the process
Will draft
Based on the information you have provided, the attorney will draft your will or trust document. This document will outline your wishes for the distribution of your assets and the management of your estate after your death.
A will is a legally binding document that allows you to decide how your estate will be han- dled and how it your assets are distributed upon your death. It helps ensure that the people you love get what you want.
DO I NEED A WILL?
Yes, a will is an estate planning tool that nearly all people need. If you do not create a will, your estate will still be distributed, but you will not have the option to choose who gets what. Instead, it will be distributed in accordance with a specific set of government rules.
WHY? WHAT HAPPENS IF I DIE WITHOUT A WILL?
If you die without a will, it means you have died “intestate.” So, rather than your estate being handled the way you would have wanted, the intestacy laws of this country will deter- mine how your property is distributed. In some cases, this could mean your loved ones are not guaranteed to benefit in the way you would have hoped. Look at the diagram opposite for a guide to how that could affect you.
HOW DOES A WILL WORK?
Initially, we recommend compiling a list of your assets, before then deciding how you would like them to be distributed upon your death. Furthermore, you should also use your will as an opportunity to make your wishes known on other important details, such as ap- pointing a guardian for any children you have below the age of 18. Within your will, you will also appoint one more individuals to act as your “executor(s)” and it will be their re- sponsibility to administer your estate. This document will then be witnessed by two people to make it legally binding.
WHAT ARE THE BENEFITS AND LIMITATIONS OF HAVING A WILL?
A will is an estate planning tool that helps ensures your estate is distributed the way you want it to be. However, a will on its own may not cover all of your estate planning needs and further options may need to be explored based on individual circumstances.
