Should you die without a Will it can be a very expensive and a long court procedure to administer your estate. That means your loved ones (Beneficiaries) who were destined to receive an inheritance, might miss out, or the amount left to them will be eroded by expensive court proceedings.
Most Wills are simple and cost effective. Your Will can even direct how any outstanding debts are to be paid. Your Estate means all your things, possessions and assets that you would like to leave as gifts to your loved ones (your Beneficiaries).
Sometimes Wills are not so simple. If you have a child or children less than 18 years of age, it is recommended that a Testamentary Trust is created for them. It sounds complex however a Testamentary Trust is basically an instruction to the Executor and Trustee to keep your monies and assets in your Estate until such time as your child or children reach the age of 18 years. Some parents suggest that children should only receive their inheritance when they are 25 years or older. However, this is a matter entirely up to you but can only be achieved by having a Will.
Another requirement is that you must name someone to be the Executor of your Will. Your Executor has many important duties, such as paying your debts, so choose someone that can be trusted to ensure that your loved ones receive their inheritance.
Your Trustee may also be appointed and they have very important duties, such as keeping your money and assets safe until such time as your beneficiaries are old enough to inherit your possessions.