Misunderstandings about Wills
In our last edition we spoke of the different roles performed by the Executor, Trustee and Guardian. In this edition I wish to speak of some misconceptions which exist in the community about the need to have a Will.
Many married couples are under the misunderstanding that they don’t need to make a Will because if they die “everything will go to my spouse”. Wrong! For example, in the case where a married man with two children dies without a Will, his wife will receive part only of the estate with the two children the balance. Because the children are minors, their interest will be held on Trust until they turn eighteen, in most cases by the Public Trust Office and that can be expensive! It is a similar situation for people living in defacto relationships.
And of course now days where many people have married a second time or have separated and formed new defacto relationships it gets even more complicated.
If there are no relatives, it is possible that your assets will go to the Government.
“But I don’t have many assets, do I still need a Will?” YES! No one knows when an unexpected wind fall may increase a small estate into quite a large one. For example, a lottery win could occur near the time of death or you, yourself may receive a large inheritance and those proceeds will then form part of your estate.
We will talk more about this on the next page. In the meantime, should you wish to speak to us about making a Will or reviewing your existing one, don’t hesitate to contact us, we will only be to happy to discuss the matter with you. |
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