If you are in the process of updating your will or (gasp) you are yet to draw one up, you should meet with a reputable will lawyer to ensure that the documentation is in order and that there are no legal loopholes. Before going to meet with your lawyer, you should sit down and have a good think about the various assets that you own and whom you might like to bequeath them to. This can make it much easier when it comes to putting this down in words.
For those of you who have never written a will before, deciding who to leave your various assets to can be a very daunting task. The way that you word the bequest is highly important, and this is where the assistance of a will lawyer can really come in handy. By sitting down with your lawyer and writing your will together, you can ensure that all of your questions are answered as you think of them and that the wording of your bequests is perfect. Your lawyer can also discuss with you the different options available when it comes to your benefactors actually receiving their inheritance.
Do you have child or other relative that you are solely responsible for due to an illness or a disability? If the answer is yes, then it is very important that you meet with a reputable will lawyer to ensure that a long-term plan is in place for this person in case you were to pass away suddenly. This can include the nomination of other family members who will take on responsibility for the child or relative, the nomination of a care facility for the child or relative to enter, and the nomination of how funds are to be spent.
What many people fail to realize is that some inheritance, most notably property, is actually subject to a number of different taxes. A will lawyer can help you minimise the financial burden on your beneficiaries when it comes time to pay these taxes by suggesting some alternative routes. These routes may include gifting family members money in the years leading up to your passing and having two names on the deeds of all your assets (your own and the person who will ultimately inherit it).
If you need to update your will to include some new assets that you have recently acquired or some family members who have previously been left out, or you are writing one for the first time it is recommended that you meet with a reputable will lawyer to help you through the process. This will ensure that your will is a watertight document that no one can contest.
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