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.