Things to consider when writing your will
Things to consider when writing your will
Impact arising from life changes
Life changes such as marriage, divorce, or new family members are inevitable. You should consider how such changes would affect the decisions you are making today.
Specific Legacies
Many clients we speak to may wish to leave specific legacies; however, there may be occasions when those legacies may fail for example let’s imagine you wanted to leave your favourite watch for your grandson; however, the watch broke and you could not get it repaired. In this instance this legacy would fail. Would you want to replace this with something else?
Legacies failing because of a change in assets
Again this is perhaps best illustrated through an example … suppose you planned to leave your home at 49 X Street to your son; however, due to your own life changes you moved to a different property and you no longer owned 49 X Street, this legacy would fail.
Clarity and specificity
Emphasizing the need for clear and specific language to avoid potential misinterpretations or disputes.
Changing needs of your beneficiaries
How do the legacies in your will consider any future changes in the needs of your intended beneficiaries.
Tax implications
Exploring how taxes may impact your estate and how to account for them in your will.
Executor selection
Discussing the process and considerations for choosing an executor who can effectively carry out your wishes.