Having a valid Will is an important part of any estate plan. It is particularly essential where you have dependents or a family. A Will permits you to set out your wishes about how your estate should be administered and distributed after death. If you were to die without a valid Will, your assets would be distributed according to the intestacy laws at the time of your death, which also might cause various difficulties to members of your family.
There are a number of criteria prescribed by the legislation that must be met in order for a Will to be considered valid and legal. And, even when the Will is valid, there may be possible legal issues or tax implications as a result of a badly worded or confusing Will, so it is always a good idea to seek professional advice when preparing your Will.
Even when you have a Will does not mean that it will always be current. Life circumstances and your assets may change the way you would want your assets distributed. For example marrying after you have made a Will results in the Will being automatically revoked – if you have not prepared the Will in anticipation of your marriage. It is also important to update the Will if you are separated but still not divorced. The best way to ensure that your assets are distributed as you would wish them to be, is by having a Will in place and reviewing it when your wishes or your life circumstances change.
