In my role as a Wills and Estates lawyer, I often have clients who ask me to draft a simple Will. There is a common assumption that "simple" means "short," and while that can be the case, it's not always true.
When it comes to legal documents like Wills, the specifics are crucial. However, the level of detail needed in a Will varies based on your specific situation. A Will is a legal document that lays out your estate plan. This includes appointing an executor, distributing your assets among your selected beneficiaries, and establishing the scope of authority for your executors, among other important considerations.
When drafting a Will, there are so many details to be considered and most of it will depend on your individual circumstances. For example, consider the following:
1. Where was the testator born, and where do they currently reside?
2. What are the citizenship and residency of the chosen executors?
3. What are the citizenship and residency of the intended individual beneficiaries?
4. Where will the Will be drafted?
5. What jurisdiction will the trusts created under the Will fall under?
6. How will the charitable gifts be utilized: for general purposes or otherwise?
7. Can the executors borrow money for estate administration without a court order?
8. Are executors allowed to lend money, including to beneficiaries?
9. Are the executors required to maintain fairness among beneficiaries?
10. Can the executors purchase estate assets, and what compensation are they allowed to claim, if any, and how often?
11. Do children born outside of marriage inherit from the estate?
12. Will income earned on the inherited property during marriage be excluded from the marital property?
The list of questions can seem endless, and if the specifics are not explicitly outlined in the Will, default regulations will come into play. While this may be acceptable in certain scenarios, a basic Will or DIY Will kit might not effectively capture your intentions in accordance with the relevant laws. This can result in ambiguity and potential for varying interpretations, ultimately leading to family disputes and often culminating in long and arduous legal battles.
Is this the legacy you want to leave behind?
It's important to keep in mind the significance of creating a well-crafted Will. By addressing all legal requirements and considering potential contingencies from the start, you can minimize the chances of confusion and uncertainty. Keep in mind that once you're no longer present, you won't be able to offer explanations or answer questions regarding the contents of your Will.
When it comes to estate planning, having the right guidance is crucial. At SRF Lawyers, we are dedicated to listening to your needs and providing you with the personalized attention you deserve. Our goal is to provide you with peace of mind by ensuring that your wishes are honoured and that your loved ones are safeguarded.
Disclaimer
The information in this post is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from our firm or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.