Wills and Estates

              

      LAST WILL AND TESTAMENT

     

      WHAT IS A WILL? 

      Simply, a Will is a document that states what should become of a person's

      assets upon death. It includes who handles the administration of the

      estate  ("Estate Trustee"), who gets what (and when) and who takes care of

      the children.

 

      DO I NEED A LAWYER TO PREPARE A WILL? 

      Unless your background includes Estate Planning and Administration,  it's

      a good idea to have a lawyer prepare your will rather than doing it

      yourself. It doesn't cost that much and when you contrast your savings

      with the Estate's  costs of dealing with an ambiguous will, any savings to

      you will be more than offset by the added grief and legal costs to your

      family.

      Remember, those you leave behind will have to straighten it out. And if it

      takes a court application, it will cost your family a lot, certainly more

      than what you saved in the first place. There are many fine ways to save

      money. Doing your own will isn't one of them.

 

      WHAT IF I DIE WITHOUT A WILL?

      It's called an "intestacy." If you die without a will, the law sets out

      who gets what from your estate. How you may have wanted it distributed is

      not taken into account. So if you don't want to

      settle your estate while you're alive, the government will settle it after you're dead.

      And by law if you have no next of kin, the government will keep it all. Nice

      thought, eh?