WHAT IS A WILL & WHY IS IT IMPORTANT?

A Will is a written legal document directing how one’s property is to be distributed upon death.

A Will is expression of intention made whilst living to take effect upon death.

It is important because it the deceased’s declaration: “I Will my property to be gifted to A. B and C”., or whatever the case may be. The Will presumably encapsulates the deceased's dying wishes. It is seen by some to hold almost sacred significance.

The fact that someone may challenge or interfere with the deceased wishes is a matter of great controversy.

However, some Wills fall short of the basic legal formalities (e.g. by an adult, of sound mind, in writing, free from undue pressure, signed and witnessed…). Such short falls often lead to legal examination and interpretation as to the deceased’s ‘true’ wishes.

Some Wills may be challenged on the basis that they fail to make adequate provision to a person whom the deceased ought to have had regard.

Any matter of interpretation or claim for provision will often lead to significant legal expense to the estate. Such expense will usually lessen the value of the estate and the amount available for distribution.

These scenarios are best avoided, wherever possible.

It is the reason why DIY Wills, whilst seemingly inexpensive, may over-simplify the situation and lead to significant legal costs to the estate at the back end. It lends support to the expression "penny-wise, pound-foolish'.

ADVICE: Speak to an expert and get it done right. Wills are not overly expensive but getting it wrong can be very expensive to the estate and your loved ones.