Are you coming to the end of another year and still haven’t prepared or updated your Will?
It is important that you revisit your estate planning regularly to account for changes in your circumstances or wishes.
Determine who will be in control of your affairs
By having a Will, you have the opportunity to appoint the executor of your choice. The role of your executor is to handle the administration of your estate, which includes calling in your assets, taking care of any liabilities and distributing your assets in accordance with the terms of your Will to your intended beneficiaries.
Decide what happens to your real and personal property
Most people have an idea of how they would like their property to be distributed after they are gone. For example, you may wish to gift jewellery or your family holiday home to your children or to leave a legacy for your grandchildren. A Will allows you to gift any of your property to your beneficiaries.
Choose who will benefit from your estate
Through a Will, you can nominate who will be the beneficiaries of your estate. Your beneficiaries are the persons that will inherit your estate after payment of your liabilities and distribution of any gifts or legacies.
Reduce costs and stress for your family
By creating a Will, your wishes and intentions are clearly outlined in a legally binding document. If you do not have a Will, the Court will appoint a person to administer your estate in accordance with the relevant legislation. The task of administering an estate can become more costly in circumstances where there is no Will.
As you can see, it is important to consider or revisit your estate planning to ensure that it reflects your recent changes in your wishes, lifestyle or family circumstances.
If you would like assistance with your estate planning before the end of the year, please contact Kimi Shah or Rachel Fletcher.
