Wills, Powers of Attorney, Power of Guardianship and Estate Planning

Should I make a Will?

• We all should by now be aware of the need for having a valid will.
• The legal procedures involved for a person having an invalid will or no will at all can be more complicated and time consuming and may cause expense, worry and even hardship to your family.
• The law provided a formula which sets out who is entitled to the property of a deceased person who does not leave a will.  This formula may not distribute your assets in the way you would have wanted.
• It is not true that the Government takes a deceased person’s property if there is no will. This can happen only in rare cases where there are not close relatives or persons in a family relationship surviving the deceased.
• Most Solicitors have experienced on occasions the trouble caused to the surviving family by “home made” wills.  If you have made such a will or you are concerned as to the appropriate nature of your existing will I would suggest your speak to your Solicitor.

How much detail should my Will contain?

• However, having stated the above,  the fact someone has a will does not necessarily mean they can rest easy.  Your will may have been made some time ago and now,  considering your present circumstances, may be totally inappropriate.The so called standard “Husband/ wife/ children” will may not be appropriate to someone involved in business, whether rural or urban, or someone with moderate investments.  There may be significant benefits available or potential problems may be resolved by the use of trust or other arrangements within your will.  In many cases for a Solicitor to draft the most appropriate will for a client it may be necessary to involve their accountants and financial consultants.
• These days business people, particularly in the rural areas, are looking at their overall position and showing more foresight particularly relating to succession and retirement planning.  These issues should be given a global approach taking into account wills, present business structures and the need for financial security in the future.

What about a Power of Attorney and Power of Guardianship ?

• When considering the above,  thought should also be given to the granting of a Power of Attorney and a Power of Guardianship.  These may be made for general or specific purposes.  As with your will they are important documents and advice should be taken before a Power of Attorney and Power of Guardianship  is granted.

By: Cater & Blumer Solicitors

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