Making Sure Your Instructions Are Followed
Why is a Will Essential?
A Will is the instrument by which money, real estate, and personal property are distributed after your death. Common Law, the system upon which some countries base their laws, allows each of us to say to whom our possessions are given when we no longer need them.
In the absence of a Will which fulfills the legal requirements of clarity, pristine condition and correct attestation (signing and witnessing), the Rules of Intestacy are brought to bear. These are imposed by the government and vary from country to country and, indeed, from state to state in places like Australia and the USA and Canada.
In the UK a limited amount (presently GBP300) is allowed to pass from husband to wife; anything over that is divided between the spouse and the children and put into trust. In other words, the capital is not available. Similar rules apply in Hong Kong and Australia.
If you do not write a will your family must make do with a default version which may reduce the size of your estate, possibly sacrificing an amount to the Inland Revenue.
Who can you trust?
Before you instruct your professional adviser, take time to think who you want to put in charge of administering the Will, who should be responsible for your children and what happens if your main beneficiaries die with you. It can not be overstated how important the appointment of guardians are (click here to read more), especially if the children are small, is essential.
It is a job that almost everyone puts off - or perhaps it seems "too-hard". However, it doesn't have to be a painful experience. Our job, as experienced Will writers is to make the process as relaxed as possible.