Everything You Need to Know About Wills and Estate Plans

Law Blog

You work hard to ensure your family gets everything they need to enjoy a happy and comfortable life. Sadly, life is fragile, and you can never tell if you will be there to take care of your loved ones tomorrow. The positive side of this reality is that you can have a say in your family's future well-being by writing a will and creating an estate plan.

Here's everything you need to know about wills and estate plans.

Wills

You've probably heard about wills before, but if you are like many people, you have misconceptions about them. Some of the common myths about wills that people believe include:

• Wills are for the wealthy in society only – While most wealthy people see the importance of leaving a will behind when they die, this doesn't necessarily mean that will-writing is only beneficial to the affluent in society. Anyone who owns something that is inheritable should write a will to ensure that particular thing ends up in the hands of the person they wanted to have it. 
• Wills are for old folks only – Everyone, regardless of age, should have a will as long as they possess inheritable items and property and have testamentary capacity. Whether you are a retiree or have just started your first job, it's important to have a will in place. If you are still young, you can update your will with time.
• Wills are expensive to make – Although the cost of hiring a lawyer to prepare your will can be quite expensive depending on your family and financial situation, the legal fees that you will be required to pay are only a small fraction of your entire asset pool and wealth. If you haven't accumulated a lot of wealth yet or started a family, the cost of writing a will is even cheaper. If you don't have a complex family and financial situation, you can always write your own will at little to no cost. 

The best way to debunk common myths about will creation is to schedule a consultation with a lawyer that specialises in writing wills for their clients.

Estate Plans

If you think that a will and an estate plan are the same thing, you are not alone. To many, the two terms can be used interchangeably. While there are some similarities between the two, they are not exactly the same.

Both outline your final wishes regarding how your assets and property should be distributed upon your demise, but an estate plan goes further to include how other things including your health should be handled even while you're still alive.

For example, your estate plan may state who should make decisions for you in case you can't make decisions regarding your health and wealth due to a mental condition. 

Depending on your age, family, and financial situation, preparing a will and estate plan for your family can be a confusing thing. Your best bet to get it right the first time is to hire a wills and estates lawyer to help you draft legal documents that will reflect your true wishes while you're living and also while you're gone.

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23 December 2019