Wills

Making and maintaining a current Will is a critical aspect of any estate plan. A Will allows a person to direct how their assets are to be dealt with after their death. Everyone, even with modest assets, should have a current, valid Will.

Without a Will, you cannot control how your assets are distributed upon death. If you die without a Will, or your Will is incomplete, you are said to have died intestate.  As a result your estate will be distributed strictly in accordance with the relevant state laws governing the distribution of estate assets. This may not be in accordance with your wishes.

As we are not permitted to draft your Will, we recommend you consult your solicitor immediately and have one drafted, if you have not already done so. Once you have a valid Will in place, it should be reviewed at least every 3 years or whenever your circumstances change. This should also be done in consultation with your solicitor. Taxation,  accounting and legal input should also be utilised as appropriate.

Finally, an important aspect we would like to highlight is the appointment of an executor. The executor is responsible for carrying out your wishes as expressed in your Will and has fundamental control of the process. The person you select must be capable of performing the role and be capable of working with competent advisers. The administration of an estate can be time consuming and is likely to need investing, taxation, accounting and legal input.