Do I Need a Will?
When Can I Create My Will?
You are able to create your will at any time and can update it as and when you think it necessary.
The most recent will is the one that will apply, so it is important to ensure it remains up to date.
Why a Will is Important?
A will is an important document to have as it is one way in which you can ensure that your property is passed on to the right people.
Your will will specify who the executor(s) of your estate are and they will perform the role of distributing your estate. The will therefore plays an important role as it will provide the executors with direction as to how you wanted your assets to be distributed.
Do I Need a Trust?
A question that is asked is whether or not a trust is required if a will can be sufficient when it comes to distributing property.
Firstly, it is possible that the will creates a trust. It can create a family trust or a testamentary trust. The creation of a trust is particularly common where children are in the picture. A testamentary trust is an inheritance trust and is one way which you can ensure your children receive the property at a specified age - for example, at 18 years old. This would mean that they would not receive a direct benefit until they reach the specified age. A family trust on the other hand would allow the property to be transferred while you are still alive, before they are an adult, or after they are an adult.
A trust also provides a further layer of security in the sense that trusts are not often challenged before the Courts as often. While challenges are still made as to a trust’s validity, it is much more common that a will is disputed and changed by the Courts. This is because it can be maintained that the Testator was not sane when he or she made their last Will.
A trust on the other hand, will often be set up years before the settlor's death and therefore does not suffer the shortcoming that affects many wills. As it has been in place for so long and has been acted upon by the trustees, it is a much safer option to safeguard your assets and ensure your assets are able to benefit those that you want.
If you do not have a will in place, it can complicate matters and cause delays in having your property distributed.
If you would like us to help you with drafting your will or establishing a family or testamentary trust, please contact us.