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.