What is a Will
A will is a legally enforceable document, that comes into effect after your death. A will does the following,
- Distributes your assets
- Distributes your funds
- Distributes any important items or belongings
Planning your Will
Many people think about planning their own will, and they often have good ideas on how they would like their assets and funds distributed. However most people do not know how to precisely structure a will, so that it is still clear and enforceable in the many complicated scenarios that can and do occur when a loved one passes away. It is vitally important that your lawyer takes the time necessary to factor all the family members, and the potential scenarios that can occur in the future so that your will is enforced precisely how you want it to be.
More than a Will, Planning your Estate
Estate planning is one part of your financial planning that protects your assets, wealth, and your loved ones. A correctly structured estate plan includes,
- Assessing all your assets
- Assessing all your investments
- Assessing the history of your assets and investments
- Nominating decision makers on your behalf
- Ensuring that the transfer of any asset or fund is passed onto the correct beneficiary
- Ensuring that your plan includes provision for events where a beneficiary has legal problems or complications of their own.
- Distributes any important items or belongings according to your moral wishes.
The Importance of a Valid Will
Many people attempt to write their own will, or they attempt to write down their wishes on paper at critical times in their life when things are not going to plan. Whilst some of these wishes can be considered, this is a risky strategy.
A legally enforceable will requires several correctly worded clauses, and it requires specific details for all your decisions and wishes. A great peace of mind comes when you choose a competent lawyer that will spend the time necessary to write your will.
Updating Your Will, The GREIGS LEGAL Way
It surprises most people that a will on average should be updated every 3 years. In some cases, amendments should be made even sooner. Things can and do change in our lives, and our will should change to reflect this. Some of the more specific things that should see you update your will are,
- Newly acquired assets
- New property purchases
- A death in the family
- Any items that suddenly become significant to you or your loved ones
- Children being born
- Children finding a life partner
- And so on
The list can be comprehensive, so the question is, when do I update my will?
At Greigs Legal, part of our process is to assess your situation and recommend when you should review your will. Not only do we recommend this, but we also take responsibility for it! Our systems are set to contact you at the agreed specific time in the future to remind you about your will renewal, we don’t leave you alone, to do it on your own!
Greigs Legal are here to help you with your Will and Estate. We take the time required to get it right and include all the small items that are important to you!
Contact us today for an obligation free discussion and quotation for your Will and Estate package.
