Margaret Mitchell, in her novel Gone With the Wind in 1936, struck a chord which is as true today as it was then……”Death, taxes and childbirth! There’s never any convenient time for any of them.”
A substantial number of people die without having made a Will. Quite often the intention is there but they never get around to it – there is never any convenient time.
A properly drafted Will can save lot of time, money and heartache. If you die without leaving a Will the laws of Intestacy will apply to your estate which can often complicate and delay matters. The making of a Will is the only way to ensure that your wishes will be followed after you die.
By executing a Will you can choose whom you wish to look after the administration process, leave monetary and/or specific gifts of property to individuals or charities and can decide how the residue of your estate should be distributed; you can appoint Guardians to look after any dependent children and Trustees to invest and manage funds on their behalf until they are of an appropriate age; you can outline any specific funeral arrangements and express your wises as to the care of any family pets. In larger estates steps can be taken to mitigate Inheritance Tax and the disposition of business or farming assets can be addressed.
We also strongly recommend that our clients consider executing an Enduring Power of Attorney to sit alongside their Will. This enables one or more trusted family members or friends to manage your financial affairs in the event of you becoming incapable of doing so.
Peden & Reid participate in Will Aid during each November when our Will drafting fee is waived in return for a voluntary donation to Will Aid. The money donated is then split between nine well known and respected charities. Will Aid provides a wonderful opportunity to put your affairs in order with the added satisfaction of assisting the charities in their vital work.
Make November your convenient time.