You May Think Your Will is Simple But it’s Not
Share this post:
Making a valid and fair Will is the only way you can ensure your assets will be distributed according to your wishes when you die.
There are many factors to take into account when making a Will.
Complying with the legal requirements to make a valid Will should always be a priority. Errors commonly occur in the signing and witnessing of Wills which can lead to the invalidity of the Will.
Also, understanding the overall size of your estate, who your dependants are, competing needs of beneficiaries and who you might have a legal obligation to provide for in your Will are often overlooked.
A common challenge for couples with blended families is finding a fair balance between providing for each other and their children from previous relationships. Factors such as how assets are owned, whether their wishes can be fulfilled and what will happen if both husband and wife or both partners die at the same time are other crucial considerations when making a Will. Often making mutual Wills may assist in ensuring that property flows to intended, agreed beneficiaries.
Deciding whether to make a Testamentary Trust Will or an ordinary Will is another major consideration. Using a Testamentary Trust Will may offer many potential benefits, one of which is protecting the assets that it holds. This is because the assets in the Trust generally cannot be accessed by creditors, divorcing partners, and even the beneficiaries in some cases.
Legal proceedings to resolve problems caused by an invalid Will or an unfair Will cause delay, anxiety and stress for loved ones and may deplete the estate due to extra costs.
It is important that you understand the importance of making a valid and fair Will which accurately reflects your wishes. At MMLaw we will listen to you to ensure that your wishes and your family’s needs are met with the utmost care and legal professionalism.
Share this post:
The content published in this Blog is in the form of academic papers and the opinions expressed herein are generalised. The information provided is for educational purposes, not specific legal advice.
The application of any principles referred to can alter from case to case and accordingly you should seek independent legal advice in respect of your individual circumstances.