A will is a legal document that sets out your wishes regarding how your assets are to be distributed when you pass away.
Under your will you can:
Making a will is a simple process. The process generally includes:
If you do not have a will then your assets will be distributed in accordance with the law of intestacy (intestacy rules) which may not be in line with your wishes.
Having your will prepared by a qualified solicitor is a simple process.
Some of the benefits of having a will include:
In order for a will to be valid it should be:
In deciding the terms of your will it is important that you consider the following clauses as a minimum:
There are some situations where it is especially important to make a will or update your will. These include:
In most situations a standard will is adequate. However there are some situations where it may be advisable for you to set up a testamentary trust will.
There are 2 main benefits in having a testamentary trust will. These are: