Having a Will is arguably one of the most important things you can do for yourself and your family as life is forever unpredictable and we truly do not know what is around the corner. While each person’s situation varies and the importance of a Will to some will be much greater than others, here are the top four reasons to have a Will.
- You can ensure your hard-earned assets are distributed to the people you want to receive the benefit of them;
- You have control over who is to administer your estate; making a Will enables you to choose an executor who will control and administer you estate after you pass away. An executor’s role includes locating your last Will, locating the named beneficiaries, collecting, looking after and sale of your assets where required, identifying and paying all debts and liabilities of your estate, preparing tax returns and distributing your estate pursuant to your wishes;
- You can indicate your preference of who will take care of your minor children. A Will allows you to nominate a person you trust (or exclude a person who you don’t) to take care of and raise your minor children as their guardian;
- In the event that you pass away without a Will, your estate is administered pursuant to the rules of intestacy meaning that your assets will be distributed according to the rigid laws of intestacy. The effect that intestacy can have on your loved ones can be catastrophic as it may force the sale of a family home to enable debts and liabilities of your estate to be satisfied and allow other entitled beneficiaries including children and other dependants to claim their entitled share of your assets.