Why do you need a will? Quite simply, a will becomes your voice from the grave. Without one, there are no clear instructions of what to do with your estate and it could well end up in the hands of someone that you would not want to have it.
To make it worse, should you pass away “intestate”, i.e. without a will, you pass a massive burden on to your loved ones, leaving a very difficult situation to resolve.
In addition, a will can cover some very important aspects, such as catering for minor children by way of a testamentary trust. This allows the appointed trustees to assist in maintaining your required standards, e.g. education etc., for your minor children, leaving them to inherit your full estate when they reach adulthood.
A will is not a difficult thing to draw up, and as a service to our clients, your Deton financial planner will gladly assist in drafting a will for you at no cost. We also recommend that you try to keep your will as simple as possible – should you be married, then a joint will, leaving your assets to each party, makes life very easy. Upon the passing of one of you, the other party inherits the estate and can then draft a personal will to meet their requirements. If you are single, draft a will that allows your assets to go to the heirs that you have selected.