Wills
A legal will is a document that ensures your wishes with respect to your assets and property are followed after your death. Problems and complications arise when a person dies intestate i.e. without leaving his Last Will behind. It’s always a sensible decision in writing a Will, if not written it can put the close family members behind you in great predicament after your death.
A Will document is defined as “The legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death.” In other words, a Will or a Testament means a document made by a person whereby he disposes of his property, but such disposal comes into effect only after the death of the testator.
Why Write A Will?
1
Intestacy
To avoid an Intestacy. If you do not make a will the Court will appoint people to administer your Estate. A will appoints your own Executors and avoids the Statutory Order of Entitlement i.e. spouse then children. This is not ideal where people are in partnership or have split up with their husbands or wives with children from that union.
2
Finances
A will gives you opportunity to consider your Estate and Assets including pensions and insurances. We are all worth more dead than alive. You may wish to favour a particular beneficiary who needs additional support should you be no longer able to provide for them. There may also be Residential Care and Tax issues to consider. Asset Protection is key in ensuring loved ones benefit as much as possible.
3
Family Security
There may no doubt be people in your family you do not wish to have any part in the above roles. In the absence of any appointment the Court will deal with matters. A valid will avoids this. It is good practise to approach people first to obtain consent. These are very onerous duties and obligations.
4
Make Provisions
The Intestacy Rules (where no will) provide a strict order. If you want a non relative or close relative to benefit, a properly drawn up will can assist with that. It also enables grandchildren or friends to be directly provided for by way of a legacy.
5
Charitable Work
You may in addition to making legacies wish to make a Charitable gift of your choice. This cannot be done other than your lifetime other than in a will. If you wish for a local branch with seperate Charity number to benefit this can be specified so that they benefit directly as a result of the will.
6
Funeral Arrangements
Although Executors have the final say a will can specify how you want your mortal remains disposed of. There may be a family plot or grave. You may wish to donate bodily organs, especially if you carry a donor card. A Will makes these issues clear. This causes less stress for loved ones at a time when they are coming to terms with loss. You may have a Funeral Plan. A will can lay out your wishes clearly and succinctly.
