Wills

What is a Will?

Simply put, a will is a document that decides what happens to your estate at time of death. Your estate is comprised of all of your assets minus all of your liabilities. Assets typically include property, money, investments, and anything else you may own. Liabilities typically include loans, mortgages, and money that you owe.

It is important to make a will so that your estate is managed how you want it to be. It provides peace of mind throughout your life, and ensures that the people you care about are looked after. Without a will, your estate will be divided according to a default set of laws known as intestacy.

This section will cover various topics you should be aware of when planning a will. These topics include:

The important thing to keep in mind when making a will is that there is no shortcut to making an effective will. There are many complex property laws that apply to wills. As such, a will must be worded carefully and correctly so that it achieves your desired goals. If a will is not clear on certain issues, it may lead to complicated estate litigation surrounding its interpretation.

It is essential that you have your will prepared by a lawyer that specializes in will drafting. This will help to ensure that your will achieves exactly what you want it to.

If you have any major life changes, it is important to contact your lawyer and have your will updated. These changes can include marriage, divorce, child birth, substantial new assets, or anything that would make you reconsider your estate.

INSERT IMAGE: Similar to Wills example given in Powerpoint.


 

[3] Link to “what should I do about making my will?” section