Make a Will

After you have Made your Will then what?
If you need to make a change to your will, you should complete a new document on the same terms as the existing will, but incorporating the changes. Your new will revokes and cancels the prior will. Make sure that your executor knows where your original will is kept. Also take the time every few years to read your will and make sure it is up to date with your current situation.

Your original will should be kept in safekeeping with your solicitors or your bank, but also take a photocopy for your executors, as well as for your own reference. It’s not a good idea to keep the original will document at your home because it can be lost or it may be hard to find after you die.

At What Age Can Someone Make A Will?
A person of sound mind who must be of adult age, or who is married, can make a will. There are certain limitations where a person under the adult age of is allowed to make a Will. It is best to arrange legal advice for these situations.

Why Do I Need To Make A Will?
There are a number of reasons why you should make a will.

These are:

  1. To protect your loved ones. Making a will is one of the only ways to be certain that your lifetime’s work and assets, built up over the years, are passed on to the people you want. It provides security for your family and those you are responsible for. Most of your life would be spent building up your assets. These may consist of home, car, insurance policies and other investments, etc. You will want those assets to go to the people you choose, rather than to someone else.

  2. Smooth transfer of assets. Having a will enables your assets to be transferred smoothly on your death. You would have to prepare a detailed list of your assets, as well as your personal goals before putting your plan in place. Your ultimate plan would involve investment advice and planning, so that there is a provision for the orderly transfer of your assets.

  3. To secure your children’s future. If you have children under the age of 18 years, you may wish to nominate guardians for them and make arrangements for their upkeep and education.

  4. For a second marriage. If you are currently in your second marriage, you would need a will to protect the members of your new family. A marriage generally invalidates any will made prior to the date of marriage, so unless you have a new will including reference to your new family, your new family may not get the protection you want.

  5. De facto relationship. If you die without a will your partner could stand to lose assets and mementos that rightly belong to him/her. A de facto spouse does not have an automatic entitlement to your estate if you die without a will. Strangely enough, a divorced former spouse can still inherit your estate because a divorce does not automatically cancel a will.

What Should Your Will Include?
Your Will should contain the following:

  • Your name, as the testator.
  • The name of your spouse and date of marriage.
  • The name of your children.
  • The fact that this Will revokes all previous Wills.
  • The name of your executor or executors.
  • Details of provision you want to make for your dependants.
  • Details of how your assets and estate are to be disposed of.
  • The names of guardians of your children, if necessary.
  • Any special gifts you want to make.
  • Details of powers you want to give to your executors.
  • If your beneficiaries are children, specify how old they have to be before they inherit their share.
  • Include any special instructions regarding your funeral, including what is to happen to your remains.