Over the years, there have been various misconceptions about Wills. Do I need a Will? What happens if I don’t have a Will? What do I do to create a Will? These are all common questions that we see daily in our practice.
While there is no “one size fits all” approach, a Will ensures that your wishes and intentions are clear to your loved ones.
This article aims to provide a brief summary on common Will misconceptions and why it is important to separate fact from fiction in your estate planning.
I have told my family what I want to happen, is that enough?
In some instances, this is true. However, more often than not, this leads to ambiguity and complications particularly when loved ones are grieving. What if the person you told seeks to largely benefit from your estate? Could they communicate your wishes differently to benefit themselves? What if the person you told has passed away or lacks mental capacity?
The best way to ensure your wishes are followed is to create a Will where your intentions are clear. A Will outlines how you would like your assets to be distributed after your death. It gives your loved one’s guidance on where you would like things to go you and what you would like to happen following your death. You can also include a number of other things in your Will such as funeral preferences, preferences for care of animals and the naming of guardians to look after minors.
DIY – is it really in my DNA when it comes to Wills?
A common question is whether or not a DIY Will or an online Will kit covers all the information required to create a valid Will. There are certain requirements that must be met when your Will is made such as:
- It must be in writing.
- It must be signed by you and two witnesses at the same time.
- It must be intended to be a Will.
- It must be made by a person of sound mind.
If those requirements aren’t met, there have been some instances where the courts have declared a Will to be valid. However, this creates additional cost and time to the estate in order to have the Will validated.
Because of this, it is best practice to create a Will through a law firm as they are aware of these rules and regulations and can ensure that these requirements are met.
I’ve made my Will already, I don’t have to worry about it now!
Unfortunately, this is very much a myth. A lot of people think that once their Will is created, they can forget about it. In some instances, this is ok but what if circumstances have changed over the years? Your Will can be invalidated for a number of reasons therefore it is important to consider whether your Will still applies to your circumstances today. For example:
- If you enter into a marriage, your Will becomes invalid unless it was drafted in contemplation of that marriage.
- If you divorce, any gift made to an ex-partner is immediately invalidated.
- If you have children, your will may not provide who you would like to be their testamentary guardians.
If you would like to create a Will or review your affairs, please do not hesitate to contact Zia to discuss.
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