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A Will is an important document that sets out how you want your property (that is all your possessions) disposed of when you die. Once you die, everything you own is called your estate. The Wills Act 2007 which came into force on 1 November 2007 covers this area of the Law and anyone 18 years or above and of sound mind can and should make a Will. It is important to make a Will to express how you want your assets distributed when you die. If you die without a Will, your assets would still be distributed however, the beneficiaries of your estate would be determined by the Administration Act 1969. This may not be the way you wished your assets distributed.
It is very important that your
Will is up to date and reflects
your current wishes. We recommend
that you revise your
Will at least every 5 years or as your circumstances
change (eg. Your relationship
status changes, deceased
family members, sale or
other disposal of properties,
family loans, inheritance). Since
2007 there are new powers in
the Wills Act and some of these
provisions do not apply to Wills
made before 1st November 2007. This
may mean that your current
Will needs to be renewed.
Your Will should provide for payment of debts and liabilities; this will include your
funeral expenses and legal fees incurred in administering your estate.
Executors:
We recommend having a least 2 executors – people who will be responsible in
carrying out your wishes as per your Will and to administer your estate until it is distributed.
We at Ward Adams Bryan-Lamb will assist your executors in their duties which include
proving your Will through the High Court (Probate), receiving cash assets, paying debts,
selling property and distributing your estate.
Beneficiaries:
Any person, organisation or charity can benefit from your Will; however you
should always make provisions for your dependents as they may be able to make a claim
under the Family Protection Act.
Legacies:
You may wish to leave specific items of sentimental value or sums of money to
certain people, organisations or charities. These may be included in your Will or you may
make a provision in your Will asking the executor to observe any list you have left. We will
discuss this with you.
Debts:
Your Will should provide for payment of debts and liabilities;
this will include your funeral expenses and legal fees incurred in administering
your estate.
Residue:
Once your legacies and debts are paid the rest of your estate
(residuary estate) will be distributed between your chosen beneficiaries.
Your will can cover a wide range of matters and we will discuss all
of these matters with you when we help prepare your Will.
At Ward Adams Bryan-Lamb we are experienced at making Wills and
administering estates. As with other legal services, we make a charge
for preparing Wills and while people may not want to spend money by
making their own Wills, we speak from experience in saying that spending
a little now to ensure your Will is prepared correctly can ultimately
save your estate and family members a lot in terms of time, money and
perhaps most importantly grief.
If you do not currently have a Will, or your Will is more than 5 years
old, do not wait, talk to us today. Phone: 03 218 2833