Last Will and Testament
It can be daunting to think about the prospect of an untimely death, but don’t let it stop you from getting your affairs in order and planning for it. Our lawyers are here to help you streamline the process making it easier than ever.
What is a Will?
A Last Will and Testament (“Will”) is a legal document expressing the intention and wishes of a living person to take effect after their death. It is a structured framework on the distribution of their property, who are to be the executors and can include funeral proceedings. However, the Courts are strict at determining the validity of a Will since it is a legal document. For a brief example, a Will must be in writing, signed by the will maker and witnessed by two independent witnesses who are both over the age of 18.
Why is a Will important?
Although no one is legally required to have a Will, it is something that everyone who is over 18 and has assets of over $15,000 ought to have. It is important to have a Will so that you can instruct your executors to distribute your property how you want, such as perhaps you’d like your children to receive their inheritance only if they are older than 25 or when they turn 25, or perhaps you’d like all of it to be given to your spouse or partner. If you have young children it is extremely important so you may appoint a testamentary guardian who will take care of them in the event both parents are no longer able to. Without a Will it is up to the law how all of this is dealt with.
Dying without a will (“intestate”) can be more expensive and time consuming and complex in contrast, the Courts will determine who is to be administrator of your estate, who gets what, and how much of what. Although it may seem obvious, such as if you have a spouse or partner surviving you, you may think they are the obvious choice but in reality it’s not always the case.
How do I get a Will?
In order to have your will accepted by a High Court and grant probate it must be drafted, witnessed and signed in a manner that complies with High Court Rules. Do-It-Yourself Will kits do exist, but they do not always cover all necessary aspects required by the court and can be struck out and held to be invalid. It is good practice to consult a professional such as a lawyer on drafting a Will.
I already have a Will
If you have any major events that have occurred or just a great deal of time has passed since your last Will, you may want to consider reviewing it or drafting a will, situations can change, your executors may predecease you or your relationship with them has soured. You may have been married at the time of drafting, and now have separated. You may have a new blended family where your partner has children of their own and you have your own. You may have even gotten married which will invalidate your previous Will. These things should always be considered and a Will should be updated accordingly to ensure that should the worst occur, there is a plan in place.
Things to consider for a Will
How to pay your debts or what obligations you may have to others
If you have dependent children, who is to be their guardian
Donation of body parts?
What assets do you own
Best to consider at least two executor
Specific gifts (for example, a family heirloom to a sibling or your child)
Gift-over to grandchildren or someone else if your first-line beneficiary predeceases you
Relationship status
Should you require more information or would like to draft a Will, please get in touch with us.