wills - what you need to know
What is a Will?
Your will is your last wishes detailing how you would like your assets to be distributed and who will look after the people you love. This legal document also specifies who you appoint to be responsible for carrying out these wishes when you are gone.
Why do you need a Will?
Everyone should have a valid will to ensure the management of your estate is handled with no complications and makes for an easy administration process following your death. If you pass without a Will, your family can face great difficulty in trying to gain access to your assets such as bank accounts and property.
A person can write their own Will document, however for it to be considered valid and legal by the Courts, it must satisfy the requirements under the Wills Act 2007 to ensure it was written and executed correctly. When a Will is found to be invalid, or one has not made a will before they pass, family of the deceased are required to apply to the High Court to establish the last wishes and intentions. This process can be very costly in legal fees and court applications, not to mention time consuming. The cost of preparing a valid Will with a law firm verse trying to attempt preparing your own Will document can consequently end up costing your estate a great deal more.
Before you start the process of creating your will give your local, straight talking lawyers a call.