A Will is a legal document in which you state how you want your Estate Assets to be distributed after your death. A Will also allows you to choose an Executor who will be responsible for making sure that your wishes are met and can also be used to appoint a Guardian to look after minor children until they can look after themselves.
Apart from these obvious advantages, a Will can avoid the expense and disputes that often occur when a person dies without a Will. Everyone should have a Will. A Will is the only way that you can tell others how you want your assets to be distributed after your death.
Wills can only be made when you have testamentary capacity. Therefore, now is the time to make or update your Will. Unfortunately, you never know what might happen in the future and everyone has a story about someone they know who has suffered an unexpected trauma or death.
Significantly, if you or someone you know has made a Will using the Public Trustee, the Public Trustee will be appointed as your Executor and will retain a percentage of your Estate Assets as a commission.
Your Will is one of the most important documents you will ever sign, and should, therefore, be prepared by a Solicitor experienced in Estate Planning issues and after having considered all you and your beneficiaries’ circumstances and liaising with your Financial Planner and Accountant where necessary.