make-a-Will

Where There’s a Will There’s a Way

Most family or specifically Wills lawyers would agree that it’s important to have a Will no matter what age you are. However, since people don’t like to think about dying, they also don’t want to make a Will. This can be a big mistake, because if they have any assets at all, these will be frozen at the time of their death and no one will be able to access them for many months.

In addition, because the judicial system will become involved in deciding who should inherit their property or other assets, the end amount will be much less, since the cost of the court case will be taken out of the assets. And if the cash assets don’t cover the cost, any property will have to be sold to pay it. So if you want your family members to inherit your home, it may not be possible for this to happen without a Will.

It does not require much financial cost to draw up a Will; you can do it yourself so long as you have it signed by trustworthy witnesses. That said, if you have many assets it is wiser to have the help of a lawyer to draw up your Will. They will be able to point out any legal issues that may hinder your assets from going to those you want to inherit them and tell you how to avoid any problems. You can be sure that everything will be done properly when you have professional legal help.

So what if you only own a used car, a few hundred dollars and your guitar? It is still worthwhile to draw up a Will because these things have to go to someone and if you nominate that person there will be no arguments in the family about who should have them. Drawing up a Will to name your beneficiaries will ensure your belongings go to your favourite person and will be a lasting memento to you.

For a Will such as this, it would be fine to use the Will kit available from many newsagents, but don’t forget to date it and have it signed by witnesses, preferably a JP or some other trusted person. The witnesses don’t have to read the Will, only to sign it, knowing what it is.

Where there’s a Will there’s a way to ensure your final wishes about who should have your estate or other assets will come true. Drawing up a Will can be done in such a way as to avoid unnecessary taxes and certain other costs that could deplete your assets unnecessarily, so your loved ones will get a maximum amount. You can also ensure minors will be taken care of by setting up a trust fund for them.