For most of us what happens to our Estate and assets after we pass away is not something we give a great deal of thought to.
However, you should consider that the failure to have a binding Will could mean that your assets (which comprise the entirety of your life’s work) could be dealt with outside of your wishes by a formula imposed by law. Unfortunately the reality is that in many cases where someone passes away without a binding Will this is exactly the outcome that occurs.
The costs of having the Will prepared by an expert Lawyer is a relatively inexpensive and quick process that pails into complete insignificance to the costs that we could leave to our family and loved ones should a dispute arise in respect of our assets in the absence of a binding Will.
In addition to achieving certainty and to avoid the disputes among our family and loved ones once we have passed, a binding Will will generally have the following effects:
- It will save your family time and money once you have passed – hundreds of thousands of dollars in legal fees are wasted every year on account of Executors being forced to seek clarification from courts in respect to clauses in Wills which were not properly drafted.
- Preparation of an appropriate Will with regard to a Will maker’s circumstances can result in a Will maker’s family enjoying certain taxation and asset protection benefits which would otherwise be lost in the event that a binding Will was not drawn.
- A binding Will that is properly structured and well put together will result in our assets being distributed to our loved ones far faster in circumstances where either a person dies without a Will or a Will is not appropriately drafted.