The importance of making your will now
EVERY ONE IS encouraged to make a Will and update it every five years. The purpose of a Will is to direct your Executors to divide your Estate in accordance with your wishes. Upon your passing the approach is to minimise the pain of dealing with Probate for your family ,by managing the process on behalf of your Estate. From our experience, this approach benefits those concerned by easing the burden of sorting your Estate.
What happens to your Estate if you do not make a Will?
A Will is essentially a document giving instructions as to how your Estate is to be divided on your death. If you do not make a Will then your Estate will be divided in accordance with the provisions of the Succession Act, which, broadly speaking will divide your Estate in the following manner:
1 If you have a spouse and no children, the entirety of your Estate goes to your surviving spouse
2 If you have a surviving spouse and children, your spouse will get two-thirds of your Estate and the remaining one-third will be divided among your children
3. If your spouse dies before you do and you leave children, then your estate will be divided equally among your children.
There are of course exceptions to this general principal, but it is better to have a Will made which will provide for your personal needs.
What are the advantages of making a Will?
1 You can dictate what is to happen to your property after death
2 You can arrange for your property to be divided up in the most tax efficient manner
3 You can decide who is to be responsible for carrying out your wishes when you are gone, by appointing Executors in your Will
4 You may own items such as furniture or jewellery of particular value, whether monetary or sentimental, which you may wish to leave to particular individuals. This can all be detailed in your Will
5. Your Will clearly sets out your wishes making a lot easier for relatives after your death
6. Through a carefully planned Will, you can minimise the amount of tax payable by your beneficiaries upon your death.
Contact one of the Solicitors on this page to make your Will in the near future.