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What is a will and do I need one?

While it's unlikely that any of us will ever be as lucky as Aladdin, the Disney character and have our wishes granted by a genie in this lifetime. Ironically though, in death, all of us can have all our wishes granted.


By leaving behind a will when you die, the Trustee of your Will must carry out all your stated wishes as it relates to assets, money, wealth and special items that you leave behind.


Whatever your plans, make sure you plan for your family when you leave them behind

So, what is a Will?

Simply put, a Will is a legal document that outlines how you want your possessions and assets (Estate) to be distributed when you die. The distributions can be practical (providing assets/income for your spouse or children) and also sentimental (leave a specific item, e.g. family heirloom to a relative). Having a Will in place limits potential disputes arising from surviving family members.


You can appoint anyone to be your Executor (the person who will follow your instructions under the Will) and distribute your Estate on behalf to your nominated Beneficiaries (person[s] under your Will that will receive a benefit from your estate).


Tip:

There is always an influx of requests to have Wills done right before school or big holidays (particularly when families go on leave), so get in before the big rush to have your Will secured.