What is a Will?
A Will is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and who is to manage and deal with the distribution of your estate. You can name or assign someone to carry out these Will instructions – this person is called the ‘Executor’.
Your Will is one of the most important legal documents you will ever sign. It outlines your wishes for when you pass away and details the following:
· Who you want to receive your assets.
· Who you want to receive specific personal items and heirlooms – We have had Clients gift, including but not limited to Jewellery, Firearms, Vehicles, Memorabilia, Artwork, Books.
· Are there any religious or cultural arrangements with respect to funerals.
· Who will be the legal guardian for any children under 18.
· Who will you choose to be your Executor when you pass away.
· Who will be your backup or replacement Executor.
When should I make a Will?
Anytime is a good time, especially if you do not yet have a Will yet. You should consider making a new Will if your circumstances change. This could include:
· Getting Married, as the act of marriage voids a Will.
· Getting Divorced, so as to avoid any risk your ex spouse receiving a part of your estate.
· The birth of children or grandchildren.
· The death of a listed beneficiary.
· Obtaining new or additional assets or funds, such as receiving an inheritance or winning a lottery.
· Disposing of assets or money, such selling assets to cover medical expenses.
· When joint assets become solely yours, or vice versa.
· Any major life event including illness.
· If you just do not have a Will at all.
It takes approximately 30 to 60 minutes of your time to take your Will instructions. Depending on the complexity we can have your Will drafted and issue out to you within approximately 2 –7 business days. Take your first steps in starting your will here.
We can in special circumstances draft wills the same day, such as in the case of “Death bed Wills”. These emergency cases are in the event of a person having a terminal illness where death is imminent. Ideally one should take more time to ensure that they have had time to thoroughly consider the Will to ensure that it meets the needs and wishes.
Are there further documents I need to consider?
In addition to a Will you should also have an Enduring Power of Attorney (’EPA’), which deals with your financial affairs whilst you are still alive, when you are unable to. EPAs usually apply in the case of mental incapacitation; however, they can commence from the date of signing and can be used whilst you still have mental capacity, subject to your instructions. These may be restricted to a time frame, say the duration of a holiday.
In addition to a Will and EPA, you should consider obtaining an Advance Care Directive (‘ACD’). An ACD empowers you to make clear legal arrangements for your future health care needs, preferred living arrangements and end of life when they are no longer able to make decisions for themselves. ACDs are commonly used to provide specific directions with respect to the health care people wish to receive, or not, when they are in the advance stages of a terminal illness or in the final stages of life.
You must have complete trust in the person you are appointing in your EPA or ACD. They should be a person of integrity and strong character. Usually, people will appoint a close family member or trusted friend.
It is important to note that Wills, EPAs and ACDs can only be executed whilst a person has mental capacity. Once a person has lost capacity, they will not be able to sign any document without the proof of having the requisite capacity from their treating doctor or geriatrician.
