A will is a legal document that sets out your wishes as to what happens with your estate after your death. A valid will is an important document because it can make provision for, not only protecting, distributing and managing your estate, but also enables you to appoint a guardian or carer for your children or other minors in your care and guardianship. Your will also names an ‘Executor’ which is a person who is entrusted with the responsibility of managing and distributing your estate after your passing.
Your will is your last message containing instructions to your close relatives and loved ones including your spouse and children. A valid will sets out, clearly, your wishes as far as how the division of your assets should take place and names the recipient parties and the portions of your estate you wish for them to inherit after you die.
Some of the reasons for having a will include:
Any person 18 years of age or older provided they are of sound mental capacity to make decisions, understand the meaning and purpose of a will and identify the people who are important to you. You must also be able to identify your assets and be of sound mind and able to deal with, and consider, claims made against your estate.
There are provisions under which a person, under the age of 18, may be able to make a will.
If you have a close relative, spouse or partner who does not have legal capacity to prepare a will, we are able to help by preparing a statutory will.
Even if you do not own much, or, if the total value of your assets is not great, it is still strongly recommended that you have a valid will. A will can provide for handling and managing your personal belongings and things of sentimental value like documents, letters and photographs.
There is no monetary restrictions or value threshold on making a valid will.
If you die without leaving a valid will, your estate will be distributed in accordance with a set formula. This means that your estate may not be distributed as you would have liked it to be. Spouses, under that formula, will inherit the greater share of your estate provided they were your sole partner.
Preparing a will at Parke Lawyers is convenient and affordable. We will assist you in making a valid will that reflects your wishes and instructions clearly and ensure your will contains all the provisions required in order for your intentions and instructions to be carried out in a timely and efficient manner. Contact us today to arrange an appointment or obtain advice on making a valid will.