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Having a Will in place is something everyone at a relatively young age and especially anyone with a family should strongly consider.

The principal benefits of having a prepared Will are as follows:

  • Clarity in terms of your wishes
     
  • Disputes among your loved ones are avoided
     
  • Cost - it is financially more beneficial to your loved ones to have your estate disbursed in this specific manner rather than by way of distribution pursuant to the Estate Administration Act which is a more expensive process
     
  • Time - if you die intestate (that is, without a will), it is often a very time consuming and costly process for your family to try and ascertain your exact assets. Professionals may need to be retained by your loved ones
     
  • Trust - you may want to ensure that a particular loved one is specifically provided for and that you want responsibility of this gift "in trust" to be allocated to a "trustee" of your choosing who will ensure your wishes are followed

Preparing a Will is not a very expensive nor is it a majorly time consuming process, especially if the Will is maintained and updated every few years.

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