Wills and Estates Recap
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It’s not a fun topic to discuss, but preparing a will is not just something for Grandparents to think about (although if they don’t have one they should think about it). Anybody over 18 years of age (or under 18 and married) can have a will. While you may have a long life ahead of you, there is no harm in being prepared for the worse, lessening stress if the worst should happen.
As the old saying goes ‘….nothing can be said to be certain, except death and taxes’. While it’s not a pleasant thought, it does warrant some reflection. You wouldn’t ignore your taxes, so why ignore what you would like to happen in the event of your death? Having an up to date will ensure that, in the event of your death, there will be no ambiguity around your estate. This will minimise time, expense and potential emotional anguish involved with finalising your estate.
If you don’t have a will, you are considered to have ‘died intestate’. If this happens the process of dividing of assets will be drawn out, especially if multiple people want to make claims to your estate.
There are a few vital terms and actions that you should take to minimise ambiguity at the time of death:
When a loved one dies
it can be a particularly difficult time. If the deceased has written a will it can make the process of dividing the deceased estate easier. But what should you do if you disagree with the division as set out by a will?
A will needs to be in writing,
witnessed by two people and nominate an executor. The executor of a will administers the distribution of assets to beneficiaries and any debtors that may have a claim to the estate. If you are a beneficiary of the will but don’t believe your share of the division was fair, or if you are not a beneficiary at all, you can contest the will.