The recent article by the Lawyers’ Professional Indemnity Company (LPIC), entitled Need to know facts about preparing your Will, highlights some important estate planning considerations.
Your Will is one of the most important documents that you should execute during your lifetime. In this article, LPIC sets out a few important issues that should be considered when planning for the distribution of your estate after death.
It is important to have all of your wishes documented in a formal Will. If your wishes aren’t formally set out in your Will, your assets might be distributed in a different manner than what you had intended.
It is also important to carefully document your wishes with respect to jointly held property. In certain circumstances, if you own property jointly, the surviving owner will receive your share when you die. In other circumstances, it is presumed that the property is held in trust for the beneficiaries of your estate by the joint owner. If you intended the joint owner to receive the property upon your death, it is important that you meet with a lawyer to ensure your wishes are carefully documented. This could save your loved ones a lot of aggravation and expense.
If you have minor children, you should meet with your lawyer to ensure that you set out your preferred guardian in your Will. It is ultimately up to the Court to decide with whom minor children will live with upon the passing of both parents, but your Will can set out your preference which the Court will carefully consider.
If you do not have a Will, want to review your Will and estate planning to ensure it reflects your wishes, or if you have any estate planning questions, do not hesitate to contact one of the estate planning professionals at Daniel & Partners LLP.
Article written by Brianna Mayes, summer student.