Wills & Codicils
WHY MAKE A WILL?
A will enables you to provide for the needs of family, as well as giving you the opportunity to nominate others, maybe relatives or friends, who you would like to benefit from the assets you have built up during your lifetime.
WHAT HAPPENS IF YOU DON'T MAKE A WILL?
A person dying without a will is said to have died intestate. All intestate estates are dealt with according to the rules in the Administration Act which sets out how such estates are to be distributed. This does not mean the government gets your estate but it may well mean that the assets go to relatives you may not necessarily have included in a will. There is no provision for friends to benefit from an intestate estate.
WHO CAN MAKE A WILL?
Any person over the age of 18, or any person who has married regardless of their age is entitled to make a will. In certain circumstances an unmarried person between 16 and 18 can make a will with the consent of the Court.
CHOOSING AN EXECUTOR AND TRUSTEE
The appointment of the Executor and Trustee for your will is an important decision and what you need to do is consider the duties they will have to perform and the experience that will be required to administer your will satisfactorily.
The duties of the Executor and Trustee are completed when the assets and liabilities of the estate have been dealt with distributed to the beneficiares.
TRUSTS AND WILLS
If a trust is part of your estate plan your will is an integral part of that plan as well. Special clauses in your will cover
- any loan owing to you by your trust
- appointment of new trustees
- appointment of new trustees for any Inheritance Trusts you have formed for your children.
- the gifting of personal items
With an integrated estate plan that has a trust structure in place the will normally leaves the remainder of the assets to the trust.
The assets of a deceased person.
- Executor & Trustee:
The person/s or organisation you appoint in your will to manage your estate and carry out the terms of your will by collecting the assets, paying any liabilities and passing the assets onto the beneficiaries.
People who benefit from the will.
The necessary details to ensure wills can be prepared that match the overall estate plan will be taken as part of the data gathering process.
To download a wills instructions form please use this link