WILLS
Do you own property? Do you have children? If your answer to either of these questions is yes, you should have a Will in place. Your Will should clearly set out what you wish to happen to your property when you die. It can be as simple or as detailed as you wish.
You will appoint Executors in your Will who will oversee the administration of your estate on your death. They will usually engage a Solicitor to assist them in their role. Your Executor/s should be someone you trust.
If you have minor children, we advise that discretionary trust is incorporated into your will. Guardians are appointed in your will should anything happen where your children are left parentless. The trust will direct your trustees to hold your property for the benefit of your minor children until they reach the age of majority. Often your guardians and trustees are the same people.
It is common to update your Will on average 3 times in your life, when you have minor children, when all your children have reached 18 and again on retirement. It is, however, open to you to amend your Will at any stage should you so wish.
It is not advisable for individuals to go about making their own Will or using template Wills online. The Courts have expressed their disapproval of this practice and there are risks associated: