Your last love-letter

Far too many people don’t realize just how important it is to have a Last Will and Testament and to keep it up to date.

Without it, their families could experience hardship and tough decisions which often result in conflict between their loved one’s in addition to the their grief.

As a parent, your Will allows you the opportunity to appoint a guardian of your choosing for your children so that they can be raised with the love and care you would want for them. Where there is no Will, the state must select a guardian for your children.

Another important function of a Will is to see that your assets are given to beneficiaries of your choice and in the appropriate proportions. If minor children (under 18 years) are involved, your Will determines who will take of your children’s inheritance until they can do so for themselves. If you don’t have a Will, then the State places the cash form the inheritance in the “guardian’s fund”. If you own properties or business assets and die without a Will, the assets will be sold for cash as the guardian’s fund can only accept cash. Sale of shares in a business or fixed property at auction or in poor market scan result in your children’s inheritance being substantially reduced.

In the event that one divorces, the Will should be updated within three months or the ex-spouse could inherit despite the divorce.

The process of drafting a Will asks questions which may well highlight critical financial planning issues that could have gone overlooked, so the process itself is of great value.

The Will is a key tool in the financial security of your family regardless of how wealthy you are. The orderly execution of your carefully thought out wishes could be regarded as your final act of kindness toward your family – Your Will is your last love-letter to them.