A Will is there to be sure your estate and possessions are distributed according to your wishes.
In life, it’s easy to procrastinate when preparing for the future, but don’t wait until it’s too late – plan ahead!
Make sure you have your wishes in place with a Will so that when the time comes, those close to you won’t be caught without any answers.
A Will is there to be sure your estate and possessions are distributed according to your wishes. Although there is no such thing as a joint Will, if you are a couple and have the same desired outcomes, this is formerly known as a Mirror Will.
We work alongside a company called My Last Will, and they provide the platform and advice around creating your will.
By following their three simple steps guide to setting up your will, it will be done in no time.
Step 1 – Create your Will
The complete Will setup time is estimated at 15 minutes and if you choose a mirror Will, most of the information will pre-populate over once the first person has completed their wishes. There is the option to phone in or live chat, should you have any questions or need any assistance.
Step 2 – Professionally Checked.
Once you have completed your Will, this will be thoroughly checked by a Will writing expert. Sometimes, what you mean to say doesn’t always come across that way so, the team will confirm with you and make alterations if needed.
Step 3 – Sign & Witness.
For your Will to be legally binding it will need to be signed and witnessed. Once this has been done you have the option of storing your Will with My Last Will or you can keep the Will in a safe place.
Can I make changes to my Will?
Yes. Codicil is the name given when altering your current Will however, for major changes you may wish to start the Will process again.
We understand that circumstances change and what may have been your wishes when you originally set up your Will could look very different today.
Here are some reasons why you would change your will.
- Getting Separated or Divorced.
- Getting Married (This will cancel any existing Wills made before)
- Having a child.
- Moving Home
- If your Executor dies.
Roles within a Will.
The testator refers to the person writing the will and the legacy they are leaving behind.
This is the person named in the will, to who you will be gifting your assets. You are not limited to the number of beneficiaries you wish to have but if any of the beneficiaries are under the age of 21, they cannot receive any gifts or assets in their sole name.
Any beneficiaries under the age of 21, are referred to as Minor Beneficiaries, and their assets and gifts are looked after by the Trustees until the time comes when they can be transferred into their sole name.
This is the person you nominate to ensure your wishes are carried out according to your Will. They will not benefit from the Will in any way unless named as a beneficiary. The executor will need to attend court and obtain the Grant of Probate, so they can access your assets.
- An Executor needs to be someone you can trust.
- Be sure they are capable to handle legal and practical responsibilities.
- Be sure they are someone fit and healthy. You want to minimise the possibility your Executor passes before you.
- You can name more than 1 Executor. This way responsibilities and decision-making become joint.
- Be sure who you nominate as your Executor is happy to take on the task. My Last Will can explain to your Executors what it means to take on this role.
Although they may seem similar, the role of a Trustee is different to an Executor. An Executor executes your will after death but your Trustees are nominated people who manage your assets.
Trustees’ responsibilities may include
- Managing your properties.
- Use of capital.
- Distribution of the trust asset.
- Holding the assets or gifts in Trust for a minor beneficiary.
The Trustees are NOT Beneficiaries. Although they can hold assets, they cannot make any gains for themselves. Therefore, you want to appoint someone in the best interest of the beneficiaries and will not misuse the assets that are in their care.
A role of a guardian is to take care of your minor children in your absence, usually children under the age of 21 years old.
You may want to appoint different people to be trustees and guardians, so there are no blurred lines when it comes to their specific role responsibilities.
When you have completed your Will and it is ready to be signed, you will need to do this in front of two witnesses. A witness can be anyone from a friend to a neighbour but there are some people who don’t qualify.
- Must be over the age of 18.
- Cannot be a named beneficiary or a spouse of a named beneficiary.
- Must be of sound mind.
- You must have a minimum of 2 witnesses in your presence.