Wills are not an easy topic to think about. Especially not your own.
While we spend so much of our time with our families, friends, at work, participating in hobbies, and living life, the thought of what happens when I’m gone is not an appealing topic to ponder upon and one that is easily avoided.
However, wills, no matter your age is an important document to have in place and it is highly recommended creating one.
Dying without a valid will, especially if you have minor children, can make the administration of your estate unduly complex and stressful for your family.
Invariably, your spouse would find himself or herself constrained by the rigid laws governing the distribution of estates.
If you leave minor children and a spouse, your minor children are entitled to about two-thirds of your net estate, and your spouse about one-third. Children’s shares must be held in trust by a professional trustee or two trustees jointly until each child reaches 18 years of age. Your spouse could be the trustee, but the Court would require written performance guarantees from two adults before approving his or her right to administer the estate. This can be an onerous situation and the trust arrangement may impact on the surviving spouse’s financial independence. In addition, marriage and divorce automatically revoke a will so if you got married or divorce recently, you would want to be looking at renewing your will.
When contacting a law firm to help you with yours, they should advise you on the following:
- What Will best fits your circumstances – there are different types of wills such as simple wills or a will with testamentary trusts.
- What other documents apart from wills would you need to ensure that all your affairs are properly considered holistically.
- What is the turnaround time of the will creation?
- How much does it cost?
- How often should wills be reviewed?
For any further information regarding wills, visit us at M 6:8 Legal and we would be honoured to assist.