Wills & Estate Planning
Thinking about death is not something that anyone likes to do. This is particularly true when someone is in their prime and death is the last thing on their mind. However, the reality is that nobody can be sure just what is around the corner and it is important to plan for all possibilities. Failing to give consideration to what you want to happen to your assets once you die and give effect to your wishes by way of a Will before you die can expose those around you to a great deal of additional stress at what is already an extremely stressful and traumatic time.
A Will allows you to determine how you would like your assets to be dealt with upon your death, including who is to receive your assets and what trusts you want to be established. If you fail to make a Will then not only may your wishes not be given effect to, but conflicts amongst family members in relation to your estate become more likely.
A Will also allows you to determine who is responsible for administering your estate and giving effect to the wishes expressed in your Will. This is done by appointing someone (or several people) as an Executor / Executrix and Trustee of your Will. It is important that you appoint a trustworthy and competent person to undertake this role so as to facilitate the prompt and smooth administration of your estate.
When making a Will you are free to leave your assets to whomever you want, including charities and other organisations. Whilst it is not uncommon for someone to challenge another person’s Will once that person dies, particularly where the person challenging the Will has not had anything left to them under the Will, you can include provisions in your Will to make it as robust as possible.
Even if you already have a Will in place, circumstances often change. You are free to change and update your Will at any time and, where an event such as a death, birth or divorce occurs it may be necessary to make a new Will to give effect to your wishes.
It may be easy to keep putting off making a Will but all too often this leads to an outcome or situation that the deceased person clearly would not have intended. If you have not yet made a Will or if your circumstances have changed since the date of your existing Will then you should take action now to ensure that your wishes are given effect to and to ensure that those around you are not subjected to unnecessary stress and conflict.
If you would like further information please call us on 02-9708-2222 and we will be happy to discuss your particular requirements.