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Wills


wills

WILLS

What is a Will?

A will is a legally binding document, that outlines your wishes after you have passed.

It can set out:

  • who you want to receive your assets (property that you own);
  • who you want to receive specific personal items;
  • any requests regarding funeral arrangements;
  • who you want as a legal guardian for any children under 18 years; and 
  • who you choose to be your executor when you pass away.

Why is a Will important?

A valid will is a very important document to have as it is the best way to ensure your wishes with respect to your assets are followed you pass. If you do not have a valid will, the law decides how your assets and property are dealt with. For example, in certain situations, the Government may receive what you own.   

When should I get a Will?

You should update your will throughout your life depending upon how your circumstances change.

For example:

  • Marriage – generally cancels an existing will
  • Birth of a child
  • Divorce

Understanding Legal Terminology

Executor – is a person who you nominate to carry out your wishes expressed in your will. It should be someone you trust. They must be over 18 years of age.

Beneficiary –  a person who inherits any assets or property from your estate.

Estate – your estate is made up of your assets (including Real and Personal Property) and your liabilities, anything that you own after you have passed.

Legal guardian – is a person who takes care of your child/children if you have passed.

Get in touch with your Estate Planning team

Contact Us Estate Planning