What is it?
Sometimes called a ‘last Will and Testament,’ a Will is a legal document that states a person’s (testator) wishes regarding distribution of his or her property (estate) and the care of minor children after the passing of the testator.
How does it work?
Wills remain the traditional way to leave your legacy to loved ones. An individual who dies testate (with a Will) is better than a man who dies intestate (without a Will). When you have a Will in place there will be no complications nor confusion after your passing and your Estate would not need to be administered by the State. Although the legal system will attempt to distribute an intestate deceased’s assets in a manner that is deemed fair to your beneficiaries, there is no guarantee that fairness would be achieved.
Benefits
By drafting a Will, you not only ensure that your belongings will go to the desired beneficiaries upon your passing but you also make it easier on those who are left behind to finalise the administration of your Estate.
A Will allows you to choose a guardian for your children and set aside funds to make sure of their support and comfort.
Through a “codicil,” you can amend any provisions of your will at any time so that they better reflect your most current wishes, assets or beneficiaries.
How much does a Will cost?
The more common costs are:
• Probate cost – 10% of the value of the Estate
• Other ancillary cost – nominal professional fees – Lawyers (5-10%), Estate Valuers (5% – 10%), etc.
• Resealing cost
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At FBNQuest Trustees, we provide the expertise for the establishment of a well-crafted Estate Plan, to ensure that your assets are well protected and managed according to your desires.