There is no right answer about what to put in your Will. It all depends on your assets and your circumstances. When making a Will, you need to make your wishes clear, avoid confusion and conflict amongst your loved ones, and ensure that it is legally valid and binding. Doing this will help protect your family, your friends and your estate from costly and stressful legal disputes.
Things you need to consider
Who will be your Executors?
Your Executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld.
Who will be your beneficiaries and what effect will their inheritance have on their circumstances?
You can designate anyone as a beneficiary and distribute your assets in any way you like, however if you don’t provide for your family and dependants, your Will can be contested and your hard earned assets may be used on litigation fees.
You also should consider the effects that an inheritance may have on your beneficiaries. In some cases, a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation.
How do you know a Will is valid?
To be valid, the person making the Will must have capacity, the Will must be correctly signed and witnessed, and show no evidence of tampering. There are various other requirements for a Will to be valid.
If there is any doubt, or potential for dispute as to your capacity, a doctor’s report may be required.
How often should I review my Will?
You should certainly review your Will after any major events, such as marriage or divorce as these events will make your Will invalid. We also recommend that you take a look at your Will every five years just to ensure that it is still the best instrument for you and for your family.
We can help
We know the potential pitfalls, and will ask you all the right questions to ensure that you have considered every possibility. We can prepare your Will in such a way to help protect your family from expensive estate litigation.