Having a well drafted Will is an important part of Estate Planning, and more importantly your Will should be reviewed and updated from time to time for the following reasons:
- Appointment of Executor: A well drafted Will allows you to appoint a trusted person to administer your Estate and if you wish to, possibly arrange your funeral;
- Appointment of Guardian: A well drafted Will allows you to appoint a trusted person to look after any children under the age of 18 years, should the other parent be unable to look after any children;
- Beneficiaries: A valid Will lets you decide who benefits from your Estate. If you do not have a valid Will, then upon your death the State will decide how your Estate is to be divided between your remaining relatives and in the worst case scenario your Estate may go to the State Government;
- Burial or Cremation: In a valid Will you can suggest to your Executor whether you would like to be buried or cremated and what to do with your ashes;
- Charitable Gifts: In a well drafted Will you can leave a gift or legacy to a charity if you like;
- Avoid Challenges: While it is impossible to avoid all legal challenges to your Estate, having a well drafted will can avoid most legal challenges to your estate;
- Maintain a Family Business: Having a valid Will can allow you to appoint a person, or people, to continue running your family Business while your estate is being administered;
- Reduce Costs: Having a well drafted Will can avoid unnecessary cost and delays in administrating your estate;
- Reduce Stress: Having a well drafted Will can help to avoid any undue stress to the loved ones you leave behind;
- Death is a certainty: Death can come upon us at any time, so having a well drafted valid Will which deals with your current Estate is a must; and your Will should be reviewed and updated from time to time.
Please note the answers provided are for your general information only and we ask you to call our office on 1800 650 656 to obtain detailed legal advice for your individual situation.
Peter McManus | Wills and Estate Planning Solicitor