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The Importance of a Will

It is often important to appreciate the financial implications of death. Ensuring that you have a valid and a well-structured Will in place for you and other family members can be very important.

Why Make a Will

A Will can help prevent complications and misunderstanding when death occurs. You can decide ahead of time how and to whom your assets will be distributed. If you die without a Will in place the law says that you have died intestate, which means you have no instructions in place so these decisions will be made by the government.

Tip: If you have assets such as a life insurance policy and investments, you can designate a beneficiary directly on those contracts, it is beneficial to do so as the proceeds will go directly to you beneficiary without going through the court system. You will be able to avoid probate fees on these assets.

A Living Will

Many of us are concerned about the life support issues that we may face if a loved one passes away. A living will, or Power of Attorney for Personal Care, will allow you to remove the stress on your family to make such decisions about your health.

Updating your Will

Life is constantly changing, if you currently have a Will in place it may be beneficial to review and update it as it may have been drawn up many years ago and may not reflect current wishes. Use a competent Lawyer. Even with a properly structured Will, there may be legal challenges. It is advised to hire a lawyer to assist in creating or amending a Will.