The importance of Having a Will
It’s a fact of life that, at some point, we are all going to die. Although it’s not something that you probably want to worry about, if you have everything in order, you can make things a lot easier on your loved ones if you have a valid Will in place. Having a Will lets you have a say about what you would like to happen to your Estate after you’re gone; and how you would like your assets distributed and to whom.
What Does Your Will Do?
Your Will allows you to appoint an individual or individuals who, after you die, will administer your Estate and make important decisions on your behalf; including arranging your funeral and burial or cremation. A person who will administer your Estate is called an Executor or Executors if there is more than one person.
The individual (or individuals) you appoint as your Executor should be someone who is reliable and trustworthy, whom can perform the position with competence and must be at least 18 years of age. If you select someone who is older than you, in the event of their death, you should also nominate another person to act in their place or if they are unable to perform the role.
Still Confused? Speak to Your Wills.
Problems of Not Having a Valid Will
If you do have a valid Will, after your death, you may leave your loved ones exposed and left in a state of total flux. You are deemed to have died intestate if you die without a Will. How and to whom the estate is to be allocated will be decided by a formula known as the ‘Intestacy Law.’ Many people feel they are too young to complete a Will or find it awkward to think about their death, but the reality is if you are over 18 years of age and you die without out a Will, the chances are your family will be left to pick up the pieces at an immense time of mourning.
How Your Wills Can Help You Create Your Will?