What is a “good” Will?
When it comes to planning for the future, few things are as essential as having a well-crafted “good” Will.
A good Will, is one that is drafted by estate planning lawyers who take a holistic approach, working together with your accountant, financial planner (and with you, of course!) to prepare a Will that reflects your intentions and requirements and is relevant to your circumstances. It will also set out the person or persons that will stand in your shoes (after you have passed away) to take control of your estate and distribute your hard-earned wealth to your beneficiaries, in accordance with your wishes and instructions as set out in your Will.
A bad Will is usually a Post-office “boilerplate” kit that is not specific to your circumstances or is not properly signed and witnessed, lacking crucial details about who is supposed to benefit from the estate. A bad Will can be deemed invalid, reverting to the rules of intestacy (dying without a Will) or defaulting to a previous Will, or otherwise lead to a dispute amongst beneficiaries.
The ingredients for a good Will that is right for you include:
- Full disclosure by you of your assets, liabilities, intentions, and requirements
- Expert advice (legal, financial etc.)
- Flexibility
- Tax-effective options and solutions
- Provisions for beneficiaries (including minor children)
- Considering your current and future (foreseeable) circumstances (e.g., having “back-up” clauses, such as an alternative to you preferred executor and alternative beneficiaries)
- Reviewing your Will as and when your circumstances change (e.g., the birth of a child a separation from a partner, the death of a loved one etc.) as it is important that your will changes with and reflect these changed scenarios.
To ensure you have a good will, start your estate planning journey today by completing the Batten Sacks online questionnaire or contact us today.
