A Will is a legal document prepared by a person setting out the manner in which they would like their Estate distributed following their death. A Will is an important document so as to ensure that the Estate of the deceased is distributed in the manner in which the deceased wanted. In the absence of a Will difficulties can arise as to the distribution of the estate particularly where there are competing interests of potential beneficiaries.
A Will is a relatively simple document to have prepared particularly by experts such as Brydens Lawyers. The Will will set out the manner in which you want your Estate distributed after your death. The most common Wills are prepared for a husband and wife which provide for all assets to be passed from one spouse to the other and then to the children on the passing of both spouses. Alternatively a Will can be a very complicated document if dealing with family businesses, trusts and the like.
Some assets in the Estate pass on the death of a person without passing through a Will. This includes property or bank accounts which are held in joint names. This is often seen with a husband and wife and the family home owned by them both as joint tenants. In those circumstances, when one passes, the house or bank account will pass to the surviving spouse by right of survivorship. That is, the transfer of this asset does not occur through the Will but independent of it.
A Will is a way of also ensuring that those whom you want to benefit from your Estate do in fact benefit. That is not to say that a Will can be prepared which cannot be the subject of a challenge. There is nothing that can be done to prevent a challenge to a Will. However a Will can be prepared in such a way so as to minimise the risk of there being any successful challenge. Brydens Lawyers are the experts in preparation of Wills so as to minimise any risk of a successful challenge.
Other matters to consider when preparing a Will are the appointment of an Executor or Executrix. This is the person who is charged with the responsibility of administering the Will and distributing the Estate. In addition, if there are infant children, consideration will also need to be given to the appointment of a Guardian.
In the absence of a Will a person dies intestate and beneficiaries will need to recover Letters of Administration from the court for the administration of the Estate. This can be a timely and expensive procedure.
So as to ensure that your Estate is distributed according to your wishes then a properly drawn and executed Will is a must.
The experts at Brydens Lawyers are available to assist. Contact us today.