Estate planning is often a matter that people delay thinking about because one’s own death is a topic that sits unpleasantly and uneasily with most.
The reality is that you want to make sure your wishes are followed and your family are provided for. The best way to do this is by having a valid Will.
A valid Will is a document that, if executed according to law, is a legally accepted declaration of how you would like your estate dealt with upon your death.
We’ve found that the majority of our clients are unaware of the damage that can be caused by not having a legally prepared Will. We often see people who do not believe they require a Will because their estate assets are relatively small or they choose to prepare a Will on their own to save time and expense.
Should you die without having a valid Will in place, you are said to have died “intestate”. Although you may have intended for your assets to be distributed in a particular way, because you have not created a valid Will, the rules of intestacy under the appropriate state legislation will decide how your estate is distributed.
If you have a Will but it’s been prepared incorrectly or it’s not worded clearly, then family members may disagree as to what they’re entitled to. In this instance, the Court has to get involved to make a determination when there is uncertainty as to your wishes. This can end up costingy our family time and money and is often a stressful process for all.
As an example, Mary and Paul were married with a daughter, Sally. Due to family disagreements, Sally was not in contact or on speaking terms with her parents for many years. When Paul passed away without a will, his assets were distributed by the rules of intestacy in the Succession Act 1981 . The formula for the distribution of Paul's estate by the rules of intestacy meant that Sally received a portion of the estate even though Mary insisted that this was not what Paul would have wanted.
If Paul had made a Will naming his wife as the only beneficiary of his estate—hecould have avoided this additional stress on Mary.
CJM Lawyers take pride in dealing with matters with the highest level of professionalism, respect and sensitivity. Contact us today so we can assist you with the creation of a Will so you can ensure that the distribution of your assets, investments and family heirlooms are reflective of your wishes. If younger children are involved, your will can also address their care arrangements and provide for their future needs. We can assist you through this process and provide you and your loved ones with peace of mind.
Disclaimer: This article is for general understanding and should not be used as a substitute for professional legal advice. Any reliance on the information is strictly at the user's risk, and there is no intention to create a lawyer-client relationship from this general communication.
