A Will is one of those things most of us know we should do…but it is very easy to say, “I’ll get to it one day.”
The problem is that none of us gets to choose when “one day” becomes too late.
If you only think about 5 things before drafting your Will, make them these:
This is your decision.
But don’t just think about who gets what.
Think about the people who matter to you. What would you like each of them to receive? What happens if one of them passes away before you? Is there something special you want to leave to a particular person?
A properly drafted Will gives you the opportunity to make those decisions yourself, instead of leaving uncertainty behind.
Your executor is the person who will eventually have to step in, deal with the paperwork, communicate with the Master, collect assets, settle debts and see that your wishes are carried out.
So choose carefully.
It can absolutely be someone close to you. Just keep in mind that, depending on the nature and value of the estate, the Master may require the executor to appoint an agent, such as an attorney, to assist with the administration.
You can also choose to appoint a professional from the outset if you would prefer someone experienced to handle the process.
At EJ Attorneys, this is something we can assist with too.
This is a big one.
A properly drafted testamentary trust can allow you to choose people you trust to manage your child’s inheritance, decide how those funds may be used for things like schooling, medical expenses and everyday needs, and determine when your child should eventually receive the inheritance.
It is one of those decisions that can make a very difficult time a little easier for the people caring for your children.
If a minor inherits money directly and there is no suitable trust in place, the inheritance may instead have to be paid into the Guardian’s Fund and dealt with through the prescribed processes.
The Guardian’s Fund exists to safeguard money belonging to minors, but naturally there are formal requirements when funds need to be accessed.
This is one people often don’t think about.
You may own a house, a car, investments or even a business and still have an estate that is short on cash.
Your estate may need money to settle debts, bond balances, taxes, administration costs and other expenses before inheritances can be paid out.
If there isn’t enough liquidity, valuable assets may have to be sold simply to wind up the estate.
It also helps enormously to keep an updated list of what you own and what you owe.
That list can save your family a lot of uncertainty later.
So don’t only ask, “What do I own?”
Also ask, “Will there be enough cash to deal with everything when I’m gone?”
Your Will does not necessarily control everything.
Life policies may have nominated beneficiaries, while retirement fund benefits are dealt with under their own legal rules.
That means your Will, beneficiary nominations and broader estate planning should all be looked at together.
It is worth checking that the plan you think you have is actually the plan that will take effect.
And remember: your Will is private.
You do not need your beneficiaries’ permission or approval to decide what happens to your estate.
At the end of the day, doing a Will is not really about paperwork.
It is about making things a little easier for the people you love.
It says: I thought about you. I planned for you. And even when I’m not here, I tried to make things a little easier for you.
Need help getting yours in order?
Sometimes the hardest part is simply knowing where to start. At EJ Attorneys, we can guide you through the process and help you put a Will in place that reflects what you actually want.