What is a Will?
A Will is a legal document that sets out how your property is to be divided after your death. Under the Will, an executor is appointed who will look after your estate. The executor must:
- Collect all your assets
- Pay all your debts
- Distribute your estate in accordance with your Will
Legal Wills do not come into effect until after you die, so it is important that you think carefully about your Will.
Why should I make a Will?
If you do not make a legal Will, your estate will be distributed using a fixed formula determined by the government. This formula is applied regardless of your situation. However, if you make a Will:
- You can decide how to divide your estate between family, friends and charities
- You can appoint who you wish to administer your estate
- You can indicate your preference as to a guardian for your children.
What happens if I die without a will?
If you die without having made a will, you are said to have died “intestate”. If this happens, your next of kin will have to apply to the Supreme Court for Letters of Administration, which will allow them to distribute your estate in a certain way.