Let’s choose executors and talk of wills

 

“LET’S CHOOSE EXECUTORS, AND TALK OF WILLS“

Shakespeare: Richard II (Act 3, Scene 2)

Woody Allen says he is not afraid of dying, he simply does not want to be there when it happens.  But happen it unfortunately will, no matter how we live, eat, exercise, botox, pray, meditate or if we just simply ignore it.  And after we have shuffled off this mortal coil, we leave bereft family and friends behind and our “stuff” (some of us leaving more “stuff” than others).  Dealing with a recently departed person’s stuff can be relatively simple or very challenging, depending upon the amount of thought and preparation they have put into their inevitable demise.

You can greatly assist those that you leave behind by executing a Will.  In the hands of a trained professional the drafting and execution of a Will is a relatively quick, easy and inexpensive act that has benefits far beyond the time and expense that will be incurred in attending to this task.

Why execute a Will?  Here are a few reasons:

  1. you nominate an executor of choice (this is someone who will wind up your estate and is not State-appointed)- this means your estate should be properly administered.
  2. if you have minor children, you can nominate trustees and guardians to administer your assets and  look after your minor children until they are capable of doing so themselves ( again, the default position is that the State steps in which is not what you want);
  3. you determine who gets your assets;
  4. it enables you to make adequate provision for your dependants ( or certainly to focus on doing so together with your financial adviser);
  5. you can leave specific items or sums of money  ( “bequests”) to specific people or charities or causes;
  6. you can impose conditions on bequests to protect beneficiaries or to enhance their lives e.g. money bequeathed is to be used for educational purposes only.
  7. you can arrange your affairs to minimize taxes and estate duty
  8. by executing a Will you can ( hopefully!) minimize conflicts and disagreements amongst your family and heirs. Failure to execute a Will can result in significant unfairness and upheaval in a families life – all of which can be avoided with intelligent planning and foresight.
  9. There are many more reasons why it is good to execute a Will ( or to review a Will that you concluded a long time ago -when you were married to someone else for example!). Principally it makes you take stock of your life and your responsibilities.

So if you have assets that you would like to pass on to specific people, or have dependents ( particularly minor children, or children with special needs, or elderly parents, or servants, or business partners) you need to have a Will drafted.  It will assist those you leave behind. It could alleviate unnecessary financial hardship. It is quite simply an act of caring.