Making a Will

If you do not have a will then your assets will be distributed in accordance with the law of intestacy (intestacy rules) which may not be in line with your wishes.

Having your will prepared by a qualified solicitor is a simple process.

Some of the benefits of having a will include:

• It lets your family and loved ones know your wishes, which will reduce the stress on your family and loved ones
• It reduces the costs of administration of your estate
• It reduces the chance of a dispute regarding your estate.

In order for a will to be valid it should be:

• In writing
• Dated when it was signed
• Made by a person who is at least 18 years of age and of sound mind
• Signed in front of 2 witnesses who are at least 18 years of age and not named as beneficiaries in your will.

In deciding the terms of your will it is important that you consider the following clauses as a minimum:

• Who will be the executor of your estate
• Who you would like to leave your assets to
• Who you would like to appoint as the guardian or guardians of your children
• Burial instructions (optional).

There are some situations where it is especially important to make a will or update your will. These include:

• Marriage
• Separation
• Changes to your family members including the addition or the loss of a family member
• Where an executor or beneficiary has passed away.

In most situations a standard will is adequate. However there are some situations where it may be advisable for you to set up a testamentary trust will.

There are 2 main benefits in having a testamentary trust will. These are:

• To preserve and protect your assets for the benefit of the beneficiaries
• To legally minimise the amount of tax payable.