Why should I have a will?
Posted on February 16, 2017
This is a common question people ask us. There are a number of reasons why you should make a will. What motivates one person may not motivate another. However, there are three essential reasons why you should make a will.
A will allows you to:
- distribute your assets in accordance with your wishes;
- appoint an executor who will be the person to finalise your affairs and distribute your assets; and
- appoint a guardian to look after any minor children.
If you die without a will, then your estate may pass on to somebody you did not wish to leave an inheritance to or it may be finalised by a person who has no knowledge of your affairs.
It is also important to have a will professionally drafted - this ensures that your will is valid.
What if I already have a will?
If you currently have a will it is important to ensure that your will reflects your current life circumstances.
Typically, people review their wills after they have married, divorced, had children, when their children become adults or after they receive an inheritance themselves.
Is having a will enough?
A power of attorney and an advance care directive are appointments where you can direct who will manage your financial affairs and make medical and personal decisions on your behalf if you are alive but unable to do so due to a medical incapacity.
A complete estate plan will contain all three documents – a will, a power of attorney and an advance care directive.
If you wish to discuss making a will, power of attorney and advance care directive, or you wish to have your current documents reviewed, please contact us.